Imara Enters Asset Purchase Agreement with Cardurion for Failed Sickle Cell Drug Candidate
September 9, 2022
Imara entered into an asset purchase agreement with cardiology startup Cardurion Pharmaceuticals to sell its failed sickle cell disease and beta thalassemia candidate tovinontrine (IMR-687) and all other assets related to its PDE9 program for up to $95 million.
In an SEC filing, Imara said that in addition to $250,000 previously paid by Cardurion upon execution of a non-binding term sheet, the aggregate purchase price consists of an upfront cash payment of $34,750,000 upon closing of the transaction, a $10 million potential future payment that may become payable if Cardurion achieves a proof of concept milestone or other specified clinical milestones, and a $50 million potential future payment that may become payable if Cardurion achieves certain regulatory and/or commercial milestones.
Completion of the asset sale is subject to approval by the company’s stockholders and the satisfaction or waiver of other customary conditions. Imara’s Board of Directors has unanimously approved the proposed transactions set forth in the agreement.
In April, after Imara reported that IMR-687 failed a phase 2b trial in sickle cell and beta thalassemia, the company restructured, reducing its workforce 83 percent to just six employees and began exploring strategic alternatives.
In the recent filing, Imara noted that “the company has initiated a comprehensive assessment of strategic options to maximize stockholder value. Following the asset sale, the company expects to continue to evaluate its strategic alternatives.”
Author: Rare Daily Staff
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