By Kathryn Hardison
Shares of Imara Inc. jumped 29% to $3.33 during after-hours trading on Thursday after it and Enliven Therapeutics Inc. detailed plans to merge in an all-stock deal.
The combined company, if approved by shareholders, would focus on Enliven's pipeline of precision oncology product candidates and would be called Enliven Therapeutics Inc., the companies said Thursday.
The deal is expected to close in the first quarter of next year, with shares trading on the Nasdaq Global Select Market under the ticker ELVN.
The combined company is expected to have about $300 million of cash and cash equivalents at closing, after transaction expenses. That should advance Enliven's pipeline through multiple clinical milestones and provide runway into early 2026, the companies said.
Write to Kathryn Hardison at kathryn.hardison@wsj.com
(END) Dow Jones Newswires
October 13, 2022 17:45 ET (21:45 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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