IOmet acquired by American pharmaceutical giant

IOmet acquired by American pharmaceutical giant

Edinburgh-based drug discovery company IOmet Pharma has been acquired by American pharmaceutical giant Merck for an undisclosed sum.

If the deal goes ahead, Merck, through a subsidiary, will acquire IOmet and the firm will become a wholly owned subsidiary of Merck.

Alan Wise, CEO of IOmet, said: “Merck’s leadership in immuno-oncology and expertise in development combined with the potential of our IDO1 and TDO programs creates significant opportunity for us to advance the treatment of cancer.

“As a company we have benefited from proximity to world class life sciences research including the University of Dundee, an early stage collaborator with us on the IDO1 and TDO programs and from supportive shareholders including the Scottish Investment Bank.

“We now look forward to joining Merck and feel that this acquisition underscores the shared commitment we have to accelerating our programs to bring solutions to people who need them most.”