InMed Pharmaceuticals (INM) M&A announcement summary

Deal rationale and strategic fit

• Merger aims to maximize long-term shareholder value and accelerate development of migraine therapies for millions worldwide, combining differentiated migraine prevention pipeline with public market infrastructure.

• Lead programs target complementary pathways and address unmet needs in patients unresponsive to current anti-CGRP therapies.

• Pipeline designed for superior convenience and efficacy, leveraging novel biologics, subcutaneous delivery, and dual pathway inhibition.

• The combined company will operate under the Mentari Therapeutics name and focus on advancing a robust migraine pipeline.

Financial terms and conditions

• Structured as an all-stock transaction with a combined market capitalization of approximately $421.4 million at closing.

• Pre-merger InMed shareholders will own about 1.51% of the combined company, subject to adjustments based on net cash at closing.

• InMed shareholders may receive a dividend and contingent value rights linked to potential out-licensing or divestiture of legacy R&D assets and excess closing net cash.

• Private placement led by biotechnology investors will provide about $290 million in gross proceeds, funding operations through 2028.

Synergies and expected cost savings

• Merger and financing expected to provide resources for rapid advancement of Mentari's migraine pipeline and key value inflection points, expediting development timelines and supporting key clinical milestones.