On July 25, 2025 Inmagene Biopharmaceuticals ("Inmagene"), a clinical stage biotechnology company dedicated to developing disease-modifying treatments for immunological/autoimmune and inflammatory ("I&I") diseases, reported the completion of its previously announced merger with Ikena Oncology, Inc. (Nasdaq: IKNA) ("Ikena") (Press release, Ikena Oncology, JUL 25, 2025, View Source [SID1234654523]). The combined company will operate under the name ImageneBio, Inc. ("ImageneBio") and will trade on The Nasdaq Capital Market ("Nasdaq") under the ticker symbol "IMA" beginning at market open on July 28, 2025.
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Concurrent with the closing of the merger, Inmagene and Ikena completed a $75.0 million private placement with a syndicate of existing and new investors including Deep Track Capital, Foresite Capital, RTW Investments, and existing Ikena investors such as BVF Partners L.P., Blue Owl Healthcare Opportunities, Omega Funds, and OrbiMed. The combined company will be led by Kristin Yarema, Ph.D. as its Chief Executive Officer, as announced earlier this week.
"We are pleased with the outcome of this transaction and are well-positioned to advance IMG-007 into late-stage development. OX40 inhibition is a promising approach that may have the potential to treat a broad range of immunological and inflammatory diseases where patients continue to wait for more and novel treatment options. We are excited about the emerging profile of IMG-007, which we believe will prove to be differentiated, and we look forward to executing our development plan in atopic dermatitis and potentially initiating studies in additional indications," commented Dr. Kristin Yarema.
Additionally, in connection with the completion of the transaction and as recently approved by Ikena’s shareholders, Ikena implemented a reverse split of its common stock at a ratio of 1-for-12 shares. Following the reverse stock split and based on the final exchange ratio of approximately 0.003051 shares of Ikena common stock for each Inmagene share, immediately following the closing of the merger, the legacy equity holders of Inmagene owned approximately 55.0% of the combined company’s outstanding common stock and the legacy equity holders of Ikena owned approximately 45.0% of the combined company’s outstanding common stock, in each case, on a fully diluted basis. Following the consummation of the concurrent private placement, the legacy equity holders of Inmagene owned approximately 43.1% of the combined company’s outstanding common stock, the legacy equity holders of Ikena owned approximately 35.3% of the combined company’s outstanding common stock, and the investors in the concurrent financing owned approximately 21.6% of the combined company’s outstanding common stock, in each case, on a fully diluted basis. Following the reverse stock split, the closing of both the merger and concurrent financing, ImageneBio will have approximately 11.6 million shares of common stock outstanding. ImageneBio’s shares are expected to begin trading on Nasdaq at market open on July 28, 2025 under the ticker symbol "IMA" and new CUSIP number, 45175G 207.
Advisors
Goodwin Procter LLP served as legal counsel to Ikena, and Cooley LLP served as legal counsel to Inmagene. Leerink Partners LLC served as exclusive financial advisor to Ikena. Evercore served as exclusive financial advisor to Inmagene.