Imara (NASDAQ:IMRA) stock is rocketing higher on Friday after the company revealed plans for a merger agreement with Enliven Therapeutics.
The merger agreement will involve no cash and instead see the two companies use stock to fuel the deal. As part of the agreement, Enliven Therapeutics will raise $165 million in concurrent private financing. This will be led by Fairmount and Venrock Healthcare Capital Partners.
The advantages of this merger include a combined company with $300 million of cash and cash equivalents after closing. That will fund the development of Enliven Therapeutics’ pipeline while also providing funds for operations into 2026.
IMRA Stock: Timing and Approval of the Deal
Imara and Enliven Therapeutics expect the merger to close in the first quarter of 2023. However, this first requires shareholder approval as well as the completion of other customary closing conditions.
When the deal does close, investors will see the combined company operate under the Enliven Therapeutics name. Shares of the combined company’s stock will trade on the Nasdaq Global Select Market under the “ELVN” ticker.
Heavy trading follows IMRA stock today on the merger agreement. This has more than 21 million shares on the move as of this writing. That’s a massive jump from the daily average trading volume of about 2.7 million.
IMRA stock is up 35% as of Friday morning.
Investors seeking out more of the hottest stock market news will want to stick around!
InvestorPlace is home to all of the most recent stock market news for Friday! Among that is what has shares of bank stocks moving, why Beyond Meat (NASDAQ:BYND) stock is falling and the latest on Nutanix (NASDAQ:NTNX) shares. Investors can read all about these matters at the links below!
More Friday Stock Market News
- Why Are Bank Stocks in the Spotlight Today?
- Why Is Beyond Meat (BYND) Stock Down Today?
- What Is Going on With Nutanix (NTNX) Stock Today?
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.