Pharma BD Deal Intelligence
Liminatus Pharma (Nasdaq: LIMN) entered a definitive merger agreement dated May 17, 2026 (announced May 21, 2026) to combine with private oncology cell-therapy company InnocsAI. Existing InnocsAI members would receive aggregate consideration of 1,600,000,000 Liminatus common shares at a $0.20 issue price (~$320 million), plus contingent value rights to 20% of net proceeds from any future strategic sale, out-license, transfer or exit of the acquired InnocsAI assets. The deal adds CAR-T and antibody-based oncology programs, including a CD19xCD22 bispecific CAR-T candidate in Phase 1/2a in South Korea for relapsed/refractory diffuse large B-cell lymphoma. Closing is conditioned on a Liminatus stockholder vote at a special meeting and customary conditions; either party may terminate if the merger has not closed by the December 31, 2026 outside date. The all-stock consideration carries elevated risk: on May 20, 2026 Liminatus received a Nasdaq delisting determination for failing to regain compliance with the $50M Market Value of Listed Securities rule and the $15M Market Value of Publicly Held Shares rule. Liminatus appealed to the Nasdaq Hearings Panel on May 26, 2026, which stays any suspension or delisting pending the hearing. As of this review (June 7, 2026) the merger remains pending — neither closed nor terminated.