Immunome Surges On News Of Merger With Morphimmune

(RTTNews) - Shares of biopharmaceutical company Immunome, Inc. (IMNM) are rising more than 36% Thursday morning after announcing merger with Morphimmune, a private biotechnology company in an all-stock transaction.

Stockholders of Morphimmune will receive common stock of Immunome based on a fixed exchange ratio.

"Combining Morphimmune's Targeted Effector Platform with Immunome's Discovery Engine will enable us to pursue novel targets and modalities, unlocking substantial synergistic value," Clay B. Siegall, current Morphimmune President & CEO.

Siegall will be the CEO of the combined company, which will operate by the name Immunome, Morphimmune said.

The companies also announced an oversubscribed private placement investment of $125 million with participation from Enavate Sciences, EcoR1 Capital, Redmile Group, Janus Henderson Investors, Avidity Partners, Woodline Partners LP, and other leading institutional investors.

Upon merger, prior to giving effect to the private placement, securityholders of Immunome and Morphimmune will own about 55% and 45% of the combined company.

The investment is expected to be used to fund the ongoing clinical studies and for general working capital purposes.

Both the merger and private placement are expected to close by the end of fourth quarter.

IMNM, currently at $8.10 currently, has touched a new high of $8.98 this morning.