Pharma BD Deal Intelligence
Immunome (Nasdaq: IMNM) acquired private targeted-oncology company Morphimmune in an all-stock reverse subsidiary merger announced June 29, 2023, structured as a tax-free reorganization. Pre-financing, Immunome shareholders held ~55% and Morphimmune shareholders ~45% on a fully diluted basis. Concurrent with the merger the companies raised a $125 million private placement led by Enavate Sciences, with EcoR1 Capital, Redmile Group, Janus Henderson, Avidity Partners and Woodline Partners. The combined company, led by former Seagen CEO Clay Siegall as Chairman and CEO, paired Immunome's anti-IL-38 antibody with Morphimmune's Targeted Effector platform — a folate-receptor-targeted TLR7 agonist (FA-TLR7a) and a FAP-targeted radioligand (177Lu-FAP) — and targeted three IND submissions within 18 months of closing. Post-deal: the Morphimmune-derived FAP-targeted radioligand (177Lu-FAP) advanced and was renamed IM-3050, receiving FDA IND clearance in Q1 2025 with a Phase 1 launch slated for 2H2025/early 2026 — validating the radioligand rationale for the merger. The merger's two other named programs, the folate-receptor-targeted TLR7 agonist (FA-TLR7a/Mi-1001) and the anti-IL-38 antibody, are no longer on Immunome's disclosed pipeline. Immunome's center of gravity has since shifted to varegacestat (gamma-secretase inhibitor, acquired separately via Ayala in 2024): positive Phase 3 RINGSIDE results in desmoid tumors (Dec 2025) and an FDA NDA submitted April 2026.