After a year that saw Ikena Oncology trim back its workforce and pipeline, the oncology biotech thinks it has found a sustainable path forward via a merger into privately owned immunology company Inmagene Biopharmaceuticals. 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. That placement involves a syndicate of financiers like Deep Track Capital, Foresite Capital, RTW Investments, BVF Partners, Blue Owl Healthcare Opportunities, Omega Funds and OrbiMed investing $75 million in Ikena.

Full story : Ikena, after tough year of layoffs, merges with Inmagene to focus on phase 2 dermatitis prospect.