InMed to merge with Mentari in $290 million migraine therapy deal

InMed Pharmaceuticals Inc. (NASDAQ: INM) announced an all-stock merger agreement with privately-held Mentari Therapeutics Inc., a biotechnology company developing migraine prevention therapies. The combined entity will operate as Mentari Therapeutics and trade on the Nasdaq Capital Market under a new ticker symbol.

The transaction includes a concurrent $290 million private placement led by Fairmount, with participation from multiple investment firms including Commodore Capital, Deep Track Capital, Janus Henderson Investors, and Wellington Management. The funding is expected to support operations through 2028.

Mentari's pipeline includes two lead programs: MT-001, an anti-PACAP monoclonal antibody, and MT-002, an anti-CGRP and anti-PACAP bispecific antibody. First-in-human regulatory filings for MT-001 are expected mid-2026, with MT-002 filings anticipated in the first quarter of 2027. Phase 2a proof-of-concept data for MT-001 is expected in 2028, while Phase 1 data for MT-002 is expected in 2027.

Upon closing, pre-merger InMed shareholders are expected to own approximately 1.51% of the combined company, which will have a pro forma equity value of approximately $421.4 million including the private placement. InMed shareholders will also be entitled to additional consideration through potential distributions from monetization of InMed's research programs and contingent value rights.

The transaction has received board approval from both companies and is expected to close in the second half of 2026, subject to stockholder approvals and other customary closing conditions. Mentari's existing board of directors will become directors of the combined company, chaired by Julie Bruno.

According to the companies, approximately 40-50% of patients treated with current approved migraine therapies do not achieve a 50% reduction in monthly migraine days, representing an unmet medical need the combined programs aim to address.

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