December 23, 2024 — Ikena Oncology and Inmagene Biopharmaceuticals announced they have entered into a definitive merger agreement. The combined company, which will operate under the InmageneBio name and list on the Nasdaq under the ticker “IMA,” will be focused on IMG-007, Inmagene’s OX40-targeting monoclonal antibody that recently completed a phase 2a trial in atopic dermatitis and is lined up to begin a phase 2b in early 2025.

Ikena’s stockholders will own 34.8% of the combined company, with Inmagene’s equity holders accounting for 43.5% and investors in a related private placement owning the remaining 21.7% of the business.

The transaction involves a private placement raising approximately $175 million, including $75 million from new and existing investors like Deep Track Capital, Foresite Capital, RTW Investments, BVF Partners, Blue Owl Healthcare Opportunities, Omega Funds and OrbiMed, and is expected to close in mid-2025.

HLC led Inmagene’s Series C financing round in 2021 and has continued to support the company's strategic advancements in immuno-oncology, highlighting its commitment to fostering innovation and advancing novel therapeutics to address unmet medical needs.