Ikena Oncology and Inmagene Biopharmaceuticals have entered into a definitive merger agreement. The combined company will focus on developing IMG-007, Inmagene’s lead asset, a monoclonal antibody targeting OX40 for atopic dermatitis treatment. The new entity plans to operate as “ImageneBio, Inc.” and trade on NASDAQ under the ticker symbol “IMA.” Concurrently with the merger, Ikena has secured a $75 million private placement financing from new investors like Deep Track Capital, Foresite Capital, and RTW Investments, as well as existing Ikena investors such as BVF Partners L.P., Blue Owl Healthcare Opportunities, Omega Funds, and OrbiMed. This financing, combined with existing resources, will provide approximately $175 million to support IMG-007’s further development.

OX40 is a costimulatory receptor found mainly on activated T cells. Anti-OX40 antibodies have shown efficacy in atopic dermatitis treatment in placebo-controlled studies. IMG-007 distinguishes itself with a longer half-life than other OX40-targeting antibodies in late-stage development, potentially enabling optimized dosing schedules. Its silenced antibody-dependent cellular cytotoxicity (ADCC) function and non-T cell depleting nature suggest a potentially improved tolerability profile compared to similar antibodies. A Phase 2b clinical trial for IMG-007 in atopic dermatitis is anticipated to commence in early 2025.

The post-merger ownership structure is projected to be approximately 34.8% for Ikena stockholders, 43.5% for Inmagene equity holders, and 21.7% for the financing investors. The combined company’s board will consist of three directors from Inmagene, two from Ikena, one representing the financing investors, and a new independent member. A search for the combined company’s CEO is underway. Contingent value rights (CVRs) will be issued to both Ikena and Inmagene shareholders for their respective legacy pipeline assets, excluding IMG-007 in the case of Inmagene.

The transaction, approved by both companies’ boards, is expected to close mid-2025, pending customary closing conditions, including shareholder approval. Support agreements have been executed by directors, officers, and certain shareholders of both companies to vote in favor of the merger.

IMG-007 is a humanized anti-OX40 IgG1 monoclonal antibody. The OX40-OX40L interaction plays a crucial role in T cell activation and survival, contributing to the pathogenesis of various inflammatory and immunological diseases. Preclinical studies show IMG-007 effectively blocks OX40-OX40L signaling. Its subcutaneous formulation has demonstrated a 34.7-day half-life, suggesting potential for less frequent dosing, such as every 24 weeks in the maintenance phase of atopic dermatitis treatment. A recently completed Phase 2a trial in moderate-to-severe atopic dermatitis patients demonstrated significant, durable clinical activity and a favorable safety profile.

Source link: https://www.globenewswire.com/news-release/2024/12/23/3001238/0/en/Ikena-Oncology-and-Inmagene-Biopharmaceuticals-Announce-Agreement-for-Merger-and-Private-Placement.html

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Jon Napitupulu is Director of Media Relations at The Clinical Trial Vanguard. Jon, a computer data scientist, focuses on the latest clinical trial industry news and trends.