Imara Inc gains on deal to merge with private firm Enliven

Enliven Therapeutics

13/10/2022 22:27

** Shares of drug developer Imara Inc  IMRA.O  jump 25% to
$3.10 after market
    ** Company announces all-stock merger agreement with private
firm Enliven Therapeutics, which focuses on development of
cancer therapies  urn:newsml:reuters.com:*:nGNXbv822D
    ** IMRA says new combined company will be called Enliven
Therapeutics Inc and trade on Nasdaq under ticker symbol "ELVN"
    ** IMRA stockholders will own about 16% and Enliven
stockholders 84% of combined company, Imara says
    ** Enliven has also raised about $165 mln through private
financing co-led by new investors Fairmount and Venrock
Healthcare Capital Partners
    ** Combined company currently expected to have nearly $300
mln of cash at deal close, inclusive of private financing, which
is expected to provide runway into early 2026
    ** As of last close, Imara shares up ~15% YTD
 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788))