IMRA - Imara jumps 69% on asset purchase agreement with Cardurion
- The shares of clinical-stage biotech Imara Inc. ( NASDAQ: IMRA ) added ~69% on Wednesday after the company announced a multi-million-dollar Asset Purchase Agreement with Boston-based Cardurion Pharmaceuticals.
- The Sep. 06 deal covers the sale of tovinontrine (IMR-687) and all other company assets related to its PDE9 program, IMRA said in a regulatory filing.
- Per the terms, in addition to $250K Cardurion previously paid in connection with the execution of the binding term sheet, IMRA is entitled to $34.75M of upfront cash upon the closure of the transaction and milestone payments worth up to $60M.
- The deal also requires IMRA to pay a termination fee of $1.5M to Cardurion under certain circumstances.
- The company is expected to hold a stockholder meeting in connection with the deal, which its board has unanimously approved.
- The asset purchase agreement is part of IMRA’s plan to review multiple strategic alternatives for the business.
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Imara jumps 69% on asset purchase agreement with Cardurion