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Barclays issued constructive views on oncology-focused biotechs Karyopharm Therapeutics (NASDAQ:KPTI) and Prelude Therapeutics (NASDAQ:PRLD) on Monday after Merck (MRK) agreed to accumulate Imago BioSciences (IMGO), a clinical-stage biotech-focused on bone marrow issues.
Imago (IMGO) shares added greater than 100% after the businesses introduced the all-cash deal value greater than $1B, which permits Merck (MRK) to entry a possible myelofibrosis remedy known as bomedemstat.
The acquisition marks the continuation of what gave the impression to be an uptick of biotech M&A exercise in 1H 2022, Barclays analysts argued, noting that the deal implying about 100% premium to IMGO’s earlier shut is constructive for the subsector usually.
Particularly, the agency notes that the transaction may have a constructive read-through to biotechs targeted on hematological malignancies equivalent to Karyopharm (KPTI) and Prelude (PRLD), that are set to generate early-stage information within the close to time period for most cancers candidates selinexor and PRT1419, respectively.
Karyopharm (KPTI) is scheduled to replace Part 1 information for Selinexor in myelofibrosis at ASH 2022, whereas Prelude (PRLD) expects to share Part 1 stable tumor information for its MCL1 inhibitor PRT1419 in H1 2023.
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