Imago BioSciences Acquisition, Valuation, Funding & Investors

Imago BioSciences was acquired by Merck for $1.4B in November 2022.

Imago BioSciences acquisition price

$1.4B

Acquired by Merck · Nov 2022

Cumulative funding Imago BioSciences raised

$147M

across 3 funding rounds

Key investors in Imago BioSciences

  • Frazier Healthcare Partners
  • Amgen Ventures
  • MRL Ventures Fund
  • Highlight Capital
  • Greenspring Associates
  • Omega Funds
  • Merck
  • Farallon Capital Management

Imago BioSciences Overview

About Imago BioSciences

Imago BioSciences is a Redwood City, California-based clinical-stage biopharmaceutical company founded in 2012, developing targeted therapies for myelofibrosis and other myeloproliferative neoplasms. Its lead candidate, bomedemstat, inhibits LSD1 to address bone marrow fibrosis and symptoms. The firm advances programs through phase 2 trials for orphan blood disorders.


Founded

2012

HQ

United StatesSan Francisco, CA

Status

Acquired

Customer focus

B2B

Revenue model

Licensing

Valuation

$1.4B (acquired Nov 2022)

Imago BioSciences Acquisition

Imago BioSciences was acquired by Merck for $1.4B on 21 November 2022.

Before the acquisition Imago BioSciences had raised $147M across 3 funding rounds.

Imago BioSciences acquisition details
AcquirerDateTypePrice
21 Nov 2022Strategic M&A$1.4B

Imago BioSciences Funding History

Imago BioSciences has raised a total of $147M across 3 funding rounds.

Imago BioSciences' first fundraising round was a $27M Series A in October 2014. The most recent completed round was a $80M Series C in November 2020.

Imago BioSciences funding rounds

Imago BioSciences funding rounds
DateStageInvestorsRaisedDeal Summary
Nov 2020Series CFarallon Capital Management (lead)$80MImago BioSciences closed an $80 million Series C financing round in November 2020, led by Farallon Capital Management. The company is a clinical-stage biopharmaceutical firm developing innovative treatments for myeloproliferative neoplasms, with a focus on LSD1 inhibitors targeting epigenetic enzymes. The round included participation from new investors T. Rowe Price Associates, BlackRock Advisors, Surveyor Capital (a Citadel company), Irving Investors, and Kingdon Capital Management, alongside existing investors including Blackstone Life Sciences, Frazier Healthcare Partners, Omega Funds, Amgen Ventures, and others. The financing proceeds were designated to support advancing therapies for the treatment of myeloproliferative diseases through further clinical investigation. Bomedemstat, Imago's lead LSD1 inhibitor candidate, had received U.S. FDA Orphan Drug and Fast Track Designation for myelofibrosis and essential thrombocythemia, plus Orphan Drug Designation for acute myeloid leukemia, and PRIME designation from the European Medicines Agency. As a clinical-stage company, Imago had not yet generated meaningful product revenue at the time of this financing.
Mar 2019Series BOmega Funds (lead); Amgen Ventures; Greenspring Associates; Highlight Capital; Frazier Healthcare Partners; MRL Ventures Fund$40MImago BioSciences is a clinical-stage biotechnology company developing innovative treatments for myeloid diseases, including myelofibrosis and other myeloid neoplasms. The company's lead program is IMG-7289, which demonstrated promising results in preclinical and clinical studies with in vivo anti-tumor efficacy across myeloid malignancies and models of myeloproliferative neoplasms both as a single agent and in combination with other therapeutic agents. The program also showed activity against solid tumors in combination with other agents in non-clinical models. In March 2019, Imago BioSciences announced a $40 million Series B financing round led by Omega Funds, with participation from existing investors including Frazier Healthcare Partners. The proceeds from this financing were designated to advance the research and clinical development programs of therapeutics for myelofibrosis and other myeloid neoplasms, with specific focus on completing Phase 2b studies. The financing reflected strong support from the investment community and existing syndicate members, demonstrating confidence in the company's clinical progress and program potential.
Oct 2014Series AClarus Ventures (lead); Amgen Ventures; Merck; Frazier Healthcare Partners; MRL Ventures Fund$27MImago BioSciences, a San Francisco-based clinical-stage biopharmaceutical company, announced a $26.5 million Series A financing on October 31, 2014, led by Clarus Ventures with participation from Frazier Healthcare Partners, Amgen Ventures, and Merck Research Laboratories Venture Fund. Representatives from Clarus Ventures and Frazier Healthcare joined the company's board of directors. Proceeds were designated to advance the research and clinical development of therapeutics that alter gene expression patterns, with a clinical focus on orphan diseases involving genetic alterations or where modifying gene expression could provide therapeutic effects. The company, led by CEO Hugh Young Rienhoff, M.D., emphasized the syndicate's experience in supporting clinical programs for patient benefit. Imago leverages its team's expertise to translate insights into therapies aiming to transform the natural history of orphan diseases, enabling longer disease-free lives. At the time, it was positioned in the growing biotech sector, which saw significant venture investment and IPO activity in 2014. Imago later progressed, achieving unicorn status at exit, conducting an IPO, and being acquired by Merck in 2023 for approximately $1.35 billion, with early supporters including the 2014 investors.

Who has invested in Imago BioSciences?

9 investors have backed Imago BioSciences across its funding rounds, including Frazier Healthcare Partners, Amgen Ventures, MRL Ventures Fund, Highlight Capital, Greenspring Associates and Omega Funds.

Lead investors include Farallon Capital Management, Omega Funds and Clarus Ventures.


Imago BioSciences Investors

Investors in Imago BioSciences by funding rounds participated
InvestorHQRoundsRoleFirst check
Amgen VenturesUnited StatesSan Francisco, CA2ParticipantOct 2014
Frazier Healthcare PartnersUnited StatesSeattle, WA2ParticipantOct 2014
MRL Ventures FundUnited StatesUnited States2ParticipantOct 2014
Greenspring AssociatesUnited StatesBaltimore, MD1ParticipantMar 2019
MerckUnited StatesWashington, DC1ParticipantOct 2014
Highlight CapitalChinaNanjing1ParticipantMar 2019
Omega FundsUnited StatesBoston, MA1LeadMar 2019

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Imago BioSciences Competitors

Imago BioSciences competitors include listed companies like Sinopep, Immatics, LB Pharmaceuticals and Omeros, and private ones like Alzheon and Grupo Cimed.

Public and private companies comparable to Imago BioSciences
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
SinopepChinaChinaPublicly listed$290M$109M$1.4B-
ImmaticsUnited StatesUnited StatesPublicly listed$56M($233M)$1.3B19.2x
LB PharmaceuticalsUnited StatesUnited StatesPublicly listed-($29M)$1.4B-
OmerosUnited StatesUnited StatesPublicly listed-($7M)$1.3B15.0x
AlzheonUnited StatesBoston, MAPrivate--$1.3B-
Grupo CimedBrazilSão PauloPrivate--$1.4B-

Imago BioSciences Public Comps

Imago BioSciences is no longer listed, but its public comps include Sinopep, Immatics, LB Pharmaceuticals, Omeros, ORIC Pharmaceuticals, HBM Holdings, Cullinan Therapeutics, Zhejiang Jolly, SOTHEMA and Phibro Animal Health.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Sinopep$290M$109M5.7x-15.0x-
Immatics$56M($233M)16.4x19.2x(3.9x)(3.6x)
LB Pharmaceuticals-($29M)--(36.0x)-
Omeros-($7M)-15.0x(196.0x)-
ORIC Pharmaceuticals-($128M)--(8.4x)(6.4x)
HBM Holdings$158M$86M6.7x5.0x12.4x11.2x
Cullinan Therapeutics-($242M)-115.6x(4.3x)(5.0x)
Zhejiang Jolly$453M$126M3.1x2.7x11.2x10.4x

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Common questions about Imago BioSciences

When was Imago BioSciences founded?Imago BioSciences was founded in 2012.
Where is Imago BioSciences headquartered?Imago BioSciences is headquartered in San Francisco, CA, United States.
Is Imago BioSciences publicly listed?No, Imago BioSciences was acquired by Merck in November 2022.
Who acquired Imago BioSciences?Imago BioSciences was acquired by Merck in November 2022.
How much was Imago BioSciences acquired for?Imago BioSciences was acquired for $1.4B in November 2022.
How much funding has Imago BioSciences raised?Imago BioSciences has raised $147M across 3 funding rounds.
What was Imago BioSciences' last funding round?Imago BioSciences' last funding round was a $80M Series C in November 2020, led by Farallon Capital Management.
Who are Imago BioSciences' investors?Imago BioSciences' investors include Amgen Ventures, Frazier Healthcare Partners, MRL Ventures Fund, Greenspring Associates, Merck, Highlight Capital, Omega Funds, Farallon Capital Management and Clarus Ventures.
Which companies are comparable to Imago BioSciences?Companies comparable to Imago BioSciences include Sinopep, Immatics, LB Pharmaceuticals, Omeros, Alzheon and Grupo Cimed.

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