Mentari to Go Public in $421 Million InMed Reverse Merger, Raising $290 Million
Updated
Updated · BioPharma Dive · May 19
Mentari to Go Public in $421 Million InMed Reverse Merger, Raising $290 Million
3 articles · Updated · BioPharma Dive · May 19
$421 million is the planned pro forma equity value for Mentari’s reverse merger with Nasdaq-listed InMed, a deal expected to close in the second half of 2026.
$290 million in concurrent private-placement proceeds—led by Fairmount with Blackstone, Wellington, a16z Bio + Health and Perceptive among backers—should fund the combined company through 2028.
1.5% is the stake InMed shareholders would hold after closing, with the business operating under the Mentari name, trading under a new ticker and overseen by Mentari’s existing board.
Mentari’s pitch centers on two migraine-prevention antibodies targeting PACAP, including MT-001 with Phase 2 proof-of-concept data due in 2028 and MT-002, a PACAP-CGRP bispecific, with Phase 1 data expected in 2027.
The strategy targets patients underserved by current migraine drugs—InMed cited data showing nearly half fail to achieve a 50% cut in monthly migraine days—while PACAP has also drawn interest from Slate Medicines and Lundbeck.
As a rival's PACAP drug nears Phase 3, can Mentari's antibody still capture the competitive migraine market?
Why are valuable biotechs now choosing reverse mergers over traditional IPOs to enter the public market?
Mentari-InMed Merger Targets $16.4B Migraine Market: New Anti-PACAP Pipeline and Crossover Financing to 2028
Overview
The merger between InMed Pharmaceuticals and Mentari Therapeutics, set to close in the second half of 2026, will create a unified company called Mentari Therapeutics, Inc. This new entity will focus on advancing an innovative drug pipeline, aiming to reshape the future for both organizations. Upon completion, Mentari’s existing Board of Directors will lead the combined company, with Julie Bruno as chair, supported by experienced leaders Michelle Pernice and Laura Sandler. This strategic move brings together strong governance and a clear focus on developing new therapies, marking a pivotal step for both companies and their stakeholders.