InMed Pharmaceuticals, a pharmaceutical company focused on proprietary small molecule drug development, has entered into a definitive merger agreement with privately held biotechnology firm Mentari Therapeutics to create a combined company focused on advancing migraine prevention therapies. The transaction also involves Indigo Merger Sub Corp. and Indigo Merger Sub II, LLC, both wholly owned subsidiaries of InMed. Following the completion of the deal, the merged company will operate under the name Mentari Therapeutics and trade on the Nasdaq Capital Market under a new ticker symbol.

The merger combines Mentari’s migraine treatment pipeline with InMed’s public market infrastructure, with the goal of accelerating the development of therapies targeting a neurological condition that affects more than one billion people globally.

Alongside the merger, Mentari has secured approximately USD 290 million through a concurrent private placement led by Fairmount, with participation from several institutional investors, including Commodore Capital, Deep Track Capital, Janus Henderson Investors, a16z Bio+ Health, Venrock Healthcare Capital Partners and Wellington Management, among others. The funding is expected to support operations through 2028 and provide resources for advancing Mentari’s lead clinical programmes.

Mentari’s development portfolio includes MT-001, an anti-PACAP monoclonal antibody candidate with Phase 2a proof-of-concept data expected in 2028, and MT-002, a dual anti-CGRP and anti-PACAP bispecific antibody candidate with Phase 1 healthy volunteer data anticipated in 2027. The company believes the programmes could address significant unmet needs in migraine prevention, particularly for patients who do not achieve meaningful symptom reduction with currently available therapies.

Migraine remains a major unmet healthcare challenge globally, with a large proportion of patients experiencing inadequate outcomes from approved treatments. Mentari’s candidates are designed to target complementary biological pathways involved in migraine pathophysiology and are being developed with the goal of improving efficacy and treatment convenience through subcutaneous administration.

Eric A. Adams, President and Chief Executive Officer, InMed, said, “The merger provides shareholders with exposure to a promising therapeutic pipeline with significant commercial potential. Mentari’s financial position and development strategy place the company in a strong position to advance its clinical programmes.”

Julie Bruno, Chair of Mentari’s Board, said the transaction provides the company with capital and public market access needed to compete in the evolving migraine treatment landscape. She noted that recent scientific validation of anti-PACAP therapies has generated growing interest among headache specialists and highlighted the company’s focus on developing potentially best-in-class treatment options.

The merger agreement values the combined company at approximately USD 421.4 million on a pro forma basis, including proceeds from the private placement. Upon completion of the transaction, pre-merger InMed shareholders are expected to hold approximately 1.51 percent ownership in the combined company, subject to adjustments based on InMed’s cash position prior to closing.

The deal has received board approval from both companies and is expected to close in the second half of 2026, subject to shareholder approvals, regulatory requirements and customary closing conditions.

The merged entity will continue focusing on migraine prevention therapies while leveraging Mentari’s pipeline and financial backing to advance clinical development programmes aimed at improving treatment outcomes for patients living with chronic and episodic migraine.