Merck To Acquire Imago BioSciences

Merck (MRK) and Imago BioSciences, Inc. (IMGO) have entered into a definitive agreement under which Merck, through a subsidiary, will acquire Imago for $36.00 per share in cash for an approximate total equity value of $1.35 billion. The acquisition is expected to close in the first quarter of 2023.

Imago BioSciences is a clinical-stage biopharmaceutical company discovering and developing small molecule product candidates that target lysine-specific demethylase 1, an enzyme that plays a central role in the production of blood cells in the bone marrow. Bomedemstat, an orally available, small molecule inhibitor of LSD1, is the lead product candidate discovered by Imago for the treatment of certain myeloproliferative neoplasms.

Robert Davis, CEO, Merck, said: “This acquisition of Imago augments our pipeline and strengthens our presence in the growing field of hematology.”

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Surgery Partners Commences Public Offering Of Common Stock – Quick Facts

Surgery Partners, Inc. (SGRY) has commenced an underwritten public offering of $275 million of its common stock. The company intends to grant the underwriters a 30-day option to purchase up to $41.25 million of additional shares of its common stock.

Surgery Partners expects to use proceeds from the offering and the concurrent private placement to repay portions of its long term indebtedness, with the remainder for general corporate purposes.

The company noted that all of the shares to be sold in the offering are to be sold by Surgery Partners.

First Look Analyst Calls Briefing for Monday, November 21, 2022\u00a0

This report was sent to Briefing.com subscribers earlier today. 

Upgrades:

> CMS Energy (CMS) upgraded to Outperform from Neutral at Credit Suisse; tgt raised to $64

> Comerica (CMA) upgraded to Outperform from Mkt Perform at Raymond James; tgt $85

Downgrades:

> Alignment Healthcare (ALHC) downgraded to Mkt Perform from Outperform at Raymond James

Others:

> Alpine Immune Sciences (ALPN) initiated with an Outperform at SVB Leerink; tgt $15

> Cullinan Management (CGEM) initiated with a Buy at BTIG Research; tgt $20

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Jacobs Solutions Initiates FY23 Adj. EPS Outlook – Update

While reporting financial results for the fourth quarter on Monday, professional services provider Jacobs Solutions, Inc. (J) initiated its adjusted earnings guidance for the full-year 2023.

For fiscal 2023, the company now projects adjusted earnings in a range of $7.60 to $7.90 per share, based on fiscal 2022 average FX rates, and in a range of $7.20 to $7.50 per share, based on FX rates in early November.

The company also said the difference between these two scenarios on a net revenue basis is approximately $430 million.

On average, 15 analysts polled by Thomson Reuters expect the company to report earnings of $7.66 per share on revenues of $15.87 billion for the year. Analysts’ estimates typically exclude special items.

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Sotera Health Spikes 54%

Shares of Sotera Health Co. (SHC) are surging more than 54 percent on Monday morning trade, continuing an upsurge since Friday. There were no corporate announcement today to influence the stock movement.

shares of the provider of sterilization, lab testing and advisory services are currently at $9.26, up 54.32 percent from the previous close of $6.02 on a volume of 10,086,153.

SeaStar Medical Holding Volatility Continues; Stock Surges 56%

Shares of SeaStar Medical Holding Corporation (ICU), which debuted on the Nasdaq on October 31, are surging over 56% on Monday morning, despite not stock-related news to drive the shares.

ICU is currently trading at $6.15, up $2.22 or 56.40%, on the Nasdaq. The stock opened its trading at $6.28 after closing Friday’s trading at $3.93. The stock has been volatile since its debut on the market. It has lost nearly 50% since October 31st.

In a press statement on October 31, SeaStar said it completed its previously announced business combination with special purpose acquisition company LMF Acquisition Opportunities Inc.

The company said it is “developing proprietary solutions to reduce the consequences of hyperinflammation on vital organs.”

AbbVie: FDA To Review BLA For Epcoritamab – Quick Facts

AbbVie (ABBV) announced the FDA has accepted for priority review the Biologics License Application for epcoritamab, an investigational subcutaneous bispecific antibody, for the treatment of adult patients with relapsed/refractory large B-cell lymphoma after two or more lines of systemic therapy. Epcoritamab is being co-developed by AbbVie and Genmab as part of oncology collaboration.

The company noted that its application is supported by data from EPCORE NHL-1 Phase 1/2 trial evaluating the safety and preliminary efficacy of subcutaneous epcoritamab in patients with relapsed, progressive or refractory CD20+ mature B-cell non-Hodgkin’s lymphoma, including large B-cell lymphoma.

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