Mentari Therapeutics and InMed Pharmaceuticals announced a definitive merger agreement in an all-stock transaction designed to accelerate the development of next-generation migraine prevention therapies. The combined company will operate as Mentari Therapeutics and trade on the Nasdaq Capital Market under a new ticker symbol following the close of the transaction.
The merger combines Mentari’s migraine-focused therapeutic pipeline with InMed’s public market infrastructure. The companies said the transaction is intended to help accelerate the development of therapies targeting migraine, a neurological disorder affecting more than 1 billion people worldwide.
Concurrent with the merger announcement, Mentari completed an oversubscribed $290 million private placement led by Fairmount and supported by investors including 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, Vivo Capital, and Perceptive Advisors. The financing is expected to fund operations through 2028.
Mentari’s lead programs include MT-001, an anti-PACAP monoclonal antibody expected to enter first-in-human regulatory filings in mid-2026, and MT-002, an anti-CGRP x PACAP bispecific antibody expected to enter regulatory filings in the first quarter of 2027. The company said the therapies target complementary migraine pathways and are designed to address patients who experience limited benefit from currently approved anti-CGRP treatments.
The companies noted that approximately 40% to 50% of patients using current migraine therapies do not achieve a 50% reduction in monthly migraine days, while fewer than one-third achieve a 75% reduction.
Under the terms of the agreement, pre-merger InMed shareholders are expected to own approximately 1.51% of the combined company, which is expected to have a pro forma equity value of approximately $421.4 million, including the private placement financing.
The combined company’s board is expected to include Mentari’s existing directors, chaired by Julie Bruno, Growth Partner at Fairmount. Other expected board members include Michelle Pernice, Operating Partner at Fairmount, and Laura Sandler, Chief Operating Officer at Oruka Therapeutics.
The transaction has been approved by the boards of both companies and is expected to close during the second half of 2026, subject to shareholder approvals, SEC registration effectiveness, and customary closing conditions.
Mentari said its programs were discovered by Paragon Therapeutics and have demonstrated strong in vitro potency and pharmacokinetic profiles in preclinical studies.
KEY QUOTES:
“This merger with Mentari represents an excellent opportunity for InMed shareholders to participate in the development of an exciting new drug pipeline with significant therapeutic and commercial potential. InMed’s Board of Directors and management team are in full support of this transaction and believe that Mentari’s strong balance sheet positions the company to successfully execute on the development plans for its parallel lead programs in the treatment of migraines. We believe Mentari’s lead programs have tremendous potential to expand and reshape the migraine treatment and prevention market.”
Eric A. Adams, President and CEO, InMed Pharmaceuticals
“This transaction provides us with the capital and public market infrastructure to aggressively compete in what we believe will be the next era of migraine prevention. Recent anti-PACAP clinical studies have validated this novel mechanism and generated tremendous excitement among headache specialists. MT-001 and MT-002 were designed to be potentially best-in-class, with superior convenience through subcutaneous delivery and the potential for enhanced efficacy through rational dual pathway inhibition. We have a clear regulatory path, rapid development timelines benchmarked to approved migraine therapies, and are focused on bringing these potentially transformative therapies to the millions of people who continue to suffer despite current treatment options.”
Julie Bruno, Chair, Mentari Therapeutics
