Merck & Co Inc said on Monday it will acquire cancer drug developer Imago BioSciences Inc for a total equity value of $1.35 billion to expand its portfolio of blood disorder treatments.
Estimated revenue potential of the Imago deal is probably not enough to fill the loss of exclusivity gap left by Keytruda later in this decade, BMO Capital Markets analyst Evan Seigerman said.
Seigerman added that he expects the company to do more deals that can help fill the revenue gap from Keytruda's patent loss. Imago, which develops drugs for the treatment of bone marrow-related diseases, is currently testing its lead drug bomedemstat in mid-stage studies for treating certain types of rare blood cancers.
Merck did not provide details on the effect of the Imago deal on its financial results in the near term. The company said it will initiate a tender offer to acquire all outstanding Imago shares through a unit, which will be merged into Imago upon completion of the offer.Reporting by Raghav Mahobe in Bengaluru; Editing by Vinay Dwivedi and Shounak Dasgupta
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