--- title: "InMed agrees to all-stock merger with Mentari Therapeutics" url: "https://aibio.space/news/inmed-agrees-all-stock-merger-mentari-therapeutics/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-05-19" section: "Mergers" tickers: "NASDAQ:INM" source: "https://www.sec.gov/Archives/edgar/data/1728328/000121390026058795/ea029148201ex99-1.htm" summary: "InMed and privately held Mentari Therapeutics signed a definitive merger agreement, alongside a concurrent US$290 million private placement for the combine" --- By the aibio.space news desk. Sources - [InMed Pharmaceuticals Inc. 8-K (2026-05-19)](https://www.sec.gov/Archives/edgar/data/1728328/000121390026058795/ea029148201ex99-1.htm) [INM](https://aibio.space/companies/inmed-pharmaceuticals/) 2026-05-19 # InMed agrees to all-stock merger with Mentari Therapeutics Tickers [INM](https://aibio.space/companies/inmed-pharmaceuticals/) InMed and privately held Mentari Therapeutics signed a definitive merger agreement, alongside a concurrent US$290 million private placement for the combined company. ## Key facts - **Company**: InMed Pharmaceuticals Inc. (NASDAQ: INM) - **News type**: Mergers - **Primary source**: [InMed Pharmaceuticals Inc. 8-K (2026-05-19)](https://www.sec.gov/Archives/edgar/data/1728328/000121390026058795/ea029148201ex99-1.htm) *An executive reading charts on a tablet. Photo: Olu Eletu, CC0, via StockSnap. The picture shows the field, not the companies named.* InMed Pharmaceuticals Inc. (NASDAQ: [INM](https://aibio.space/companies/inmed-pharmaceuticals/)) said on May 19, 2026 that it has signed a definitive merger agreement for an all-stock transaction with Mentari Therapeutics, Inc., a privately held biotechnology company developing therapies for migraine prevention. Two wholly-owned InMed subsidiaries, Indigo Merger Sub Corp. and Indigo Merger Sub II, LLC, are parties to the agreement. [The company's press release](https://www.sec.gov/Archives/edgar/data/1728328/000121390026058795/ea029148201ex99-1.htm) says the combined company will operate as Mentari Therapeutics and trade on the Nasdaq Capital Market under a new ticker symbol. ## The terms Pre-merger InMed shareholders are expected to own approximately 1.51% of the combined company at closing. The combined company is expected to have a pro forma equity value of approximately US$421.4 million, including the private placement. That percentage will move with InMed's estimated net cash immediately before closing. InMed shareholders as of immediately before closing will also be entitled to a potential distribution or dividend if InMed completes a sale, license, divestiture or other monetization of its research and development programs before closing, and to additional financial consideration if closing net cash exceeds thresholds described in the agreement. They will also receive a contingent value right to any proceeds from a post-closing monetization of those programs. A concurrent private placement of Mentari is expected to bring gross proceeds of approximately US$290 million to the combined company. The release calls the placement oversubscribed and says it is expected to fully fund operations through 2028, beyond the clinical datasets expected from Mentari's parallel lead programs. Fairmount led the placement. Other participants include Commodore Capital, Deep Track Capital, Janus Henderson Investors, a16z Bio + Health, Venrock Healthcare Capital Partners, Wellington Management, TCGX, Blackstone Multi-Asset Investing, BB Biotech, Farallon Capital, RTW Investments, LP, Vivo Capital, Perceptive Advisors and other investment management firms. ## What Mentari is developing Mentari's two lead programs target PACAP, which the release describes as a newly validated target that is mechanistically independent from CGRP. MT-001 is an anti-PACAP monoclonal antibody with Phase 2a proof-of-concept data expected in 2028. MT-002 is a potentially first-in-class anti-CGRP and anti-PACAP bispecific antibody with Phase 1 healthy volunteer data expected in 2027. First-in-human regulatory filings for MT-001 and MT-002 are expected in mid-2026 and 1Q 2027, respectively. The release says the two programs target validated, complementary and orthogonal pathways in migraine pathophysiology. Mentari's programs were discovered by Paragon Therapeutics, Inc. The release says approximately 40-50% of patients treated with current approved therapies do not achieve a 50% reduction in monthly migraine days, and fewer than one-third of patients have a 75% reduction. Eric A. Adams, InMed's President and CEO, called the merger "an excellent opportunity for InMed shareholders to participate in the development of an exciting new drug pipeline with significant therapeutic and commercial potential." ## Advisers and counsel Lucid Capital Markets, LLC is serving as financial advisor to InMed. Norton Rose Fulbright LLP and Norton Rose Fulbright Canada LLP are serving as legal counsel to InMed. Wedbush Securities Inc. is serving as exclusive strategic financial advisor to Mentari, and Gibson, Dunn & Crutcher LLP is serving as its legal counsel. Jefferies, TD Cowen, Stifel, Guggenheim Securities, and Wedbush & Co., LLC are serving as placement agents to Mentari for the private placement, and Cooley LLP is serving as legal counsel to the placement agents. ## What the terms mean for InMed holders Pre-merger InMed shareholders are expected to own approximately 1.51% of the combined company, so this is in effect a sale of InMed to Mentari's holders and investors. The percentage can move with InMed's net cash, and the contingent value right pays only if the research programs are monetized. The release gives no data on either Mentari drug. Phase 2a data for MT-001 is not expected until 2028 and Phase 1 healthy volunteer data for MT-002 until 2027. The 40-50% figure for patients who miss a 50% reduction in migraine days is the company's. The company says the $290 million placement is expected to fully fund operations through 2028, its own estimate. Closing is expected in the second half of 2026 and needs both sets of stockholders, an effective registration statement and other customary conditions. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story INM InMed Pharmaceuticals Inc. NASDAQ ยท Canada Open the starter desk ## More in Mergers Mergers ### [InMed sets November 5 record date for CVRs tied to Mentari merger](https://aibio.space/news/inmed-sets-november-5-record-date-cvrs-tied-mentari-merger/) Oct 27, 2026 Mergers ### [Rallybio declares estimated $82.7 million cash distribution tied to Avenzo merger](https://aibio.space/news/rallybio-declares-estimated-82-7-million-cash-distribution-tied-avenzo/) Oct 26, 2026 Mergers ### [Skye Bioscience files preliminary proxy for its Redx Pharma acquisition](https://aibio.space/news/skye-bioscience-files-preliminary-proxy-redx-pharma-acquisition/) Oct 26, 2026 --- Source page: https://aibio.space/news/inmed-agrees-all-stock-merger-mentari-therapeutics/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "InMed agrees to all-stock merger with Mentari Therapeutics", 2026-05-19, https://aibio.space/news/inmed-agrees-all-stock-merger-mentari-therapeutics/