Shares of Imago BioSciences Inc. closed at a price of $17.40 on Friday, after which a news came on Monday, due to which the company’s stock gained 104%.
The news was such that Merck & Co. Inc. would pay a share price of $36 to buy the biotech business of Imago Biosciences and the entire deal would be in cash. Just because of this, the stock of Imago Biosciences Company has gained momentum and after this deal the total equity value of the company will be of $1.35 billion.
Also due to this news, Merck’s stock also gained 1.4%.
On its deal, Merck & Co. Inc. President and CEO Robert M. Davis has also commented: “We continue to invest in our pipeline with a focus on applying our unique capabilities to unlock the value of breakthrough science for the patients we serve. This acquisition of Imago augments our pipeline and strengthens our presence in the growing field of hematology.”
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