Merck to buy Imago BioSciences in $1.35bn deal

Merck has agreed to buy cancer drug developer Imago BioSciences in a $1.35bn deal.

Under the terms of the deal, which is expected to close in the first quarter of next year, Merck will pay $36.00 per share in cash.

Merck president and chief executive Robert M. Davis said: "We continue to invest in our pipeline with a focus on applying our unique capabilities to unlock the value of breakthrough science for the patients we serve.

"This acquisition of Imago augments our pipeline and strengthens our presence in the growing field of hematology."

Imago is a clinical stage biopharmaceutical company developing new medicines for the treatment of myeloproliferative neoplasms (MPNs) and other bone marrow diseases.

The company’s lead candidate, bomedemstat (IMG-7289) - an investigational orally available lysine-specific demethylase 1 (LSD1) inhibitor - is currently being evaluated in multiple Phase 2 clinical trials for the treatment of essential thrombocythemia (ET), myelofibrosis (MF), and polycythemia vera (PV), in addition to other indications.