Inmagene Biopharmaceuticals completes merger with Ikena Oncology

Inmagene Biopharmaceuticals completed its merger with Ikena Oncology Inc. (NASDAQ: IKNA), with the combined company operating as ImageneBio Inc. and trading on Nasdaq under the ticker symbol "IMA" beginning July 28, 2025.

The transaction included a concurrent $75 million private placement with investors including Deep Track Capital, Foresite Capital, RTW Investments, BVF Partners L.P., Blue Owl Healthcare Opportunities, Omega Funds, and OrbiMed. Kristin Yarema will serve as chief executive officer of the combined company.

Ikena implemented a 1-for-12 reverse stock split in connection with the merger. Following the transaction and private placement, former Inmagene shareholders own approximately 43.1% of the combined company, former Ikena shareholders own 35.3%, and private placement investors own 21.6% on a fully diluted basis. ImageneBio will have approximately 11.6 million shares of common stock outstanding.

The combined company will continue development of IMG-007, a non-depleting anti-OX40 monoclonal antibody currently in a Phase 2b clinical trial for patients with moderate-to-severe atopic dermatitis. The company expects Phase 2b topline results in the fourth quarter of 2026.

IMG-007 targets the OX40 receptor on activated T cells and completed Phase 2a trials in atopic dermatitis and alopecia areata. The antibody was engineered to avoid T cell depletion and extend therapeutic duration between doses.

Leerink Partners served as financial advisor to Ikena, while Evercore advised Inmagene. Goodwin Procter provided legal counsel to Ikena and Cooley represented Inmagene in the transaction.

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