Imara Shares Fall 11% After Friday Gains On Merger Deal

Dow Jones2022-10-18

By Kathryn Hardison

Shares of Imara Inc. fell 11% to $3.39 Monday after the company's all-stock deal to merge with oncology company Enliven Therapeutics Inc. sent shares higher Friday.

The combined company, which will be called Enliven Therapeutics Inc., will focus on Enliven's pipeline of precision oncology product candidates, the companies said late Thursday. The combined company will trade on the Nasdaq Global Select Market under the ticker symbol ELVN.

Shareholders of both companies still need to approve the merger, though Imara and Enliven said they expect the deal to close in the first quarter of next year.

Shares on Friday reached an intraday high of $3.82 before closing at $3.79, according to FactSet.

Shares Monday traded 51% higher for the year.

Write to Kathryn Hardison at kathryn.hardison@wsj.com

(END) Dow Jones Newswires

October 17, 2022 12:11 ET (16:11 GMT)

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