Enliven Therapeutics merger with Imara coincides with $165 million raise

BOULDER — Last week was a big one for Boulder-based oncology drug developer Enliven Therapeutics Inc., which inked a merger deal that will take the company public and result in $165 million in new investment. 

The company is joining forces with Boston pharmaceutical company Imara Inc. (Nasdaq: IMRA), which, according to media reports, has struggled with layoffs and the cancellation of development for its leading drug candidate.

The combined company will operate as Enliven Therapeutics Inc. and trade on the Nasdaq Global Select Market under the ticker symbol ELVN when the merger closes early next year. 

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“In support of the merger, Enliven also intends to raise approximately $165 million in a concurrent private financing co-led by new investors Fairmount and Venrock Healthcare Capital Partner,” the company said in a regulatory disclosure.

With that cash injection, the combined firm expects to have $300 million in its coffers, “to be used to advance Enliven’s pipeline through multiple clinical milestones and provide runway into early 2026,” the company said. 

“We expect this transaction to provide Enliven with capital to fund us through multiple key milestones and allow us to explore the potential of our pipeline,” Enliven CEO Sam Kintz said in a prepared statement.

Under the merger deal, pre-merger Enliven shareholders will own 84% of the combined company and Imara’s shareholders will own the remainder. 

“Following an extensive and thoughtful review of several strategic alternatives, it became clear that the proposed merger with Enliven was a compelling option for our stockholders,” Imara CEO Rahul Ballal said in a prepared statement. “Enliven has a differentiated pipeline, an experienced team and we expect the combined company to be well financed by top-tier investors to execute on its clinical mission. We look forward to the company’s continued progress in the clinic.”