InMed and Mentari Merge in $421M Deal to Tackle Migraine Treatment Gap

VANCOUVER, BC and SAN FRANCISCO – May 19, 2026 – In a strategic move poised to reshape the landscape of migraine treatment, InMed Pharmaceuticals and private biotech firm Mentari Therapeutics have announced a definitive merger agreement. The all-stock transaction will create a new, publicly traded company operating as Mentari Therapeutics, armed with a staggering US$290 million in fresh funding to advance a novel pipeline aimed at the millions of migraine sufferers left behind by current therapies.

The combined entity will trade on the Nasdaq Capital Market under a new ticker symbol, leveraging InMed's public infrastructure to accelerate Mentari's mission. The deal is bolstered by a concurrent, oversubscribed private placement led by Fairmount, a clear signal of intense investor confidence in Mentari's innovative approach to preventing one of the world's most debilitating neurological disorders.

A New Strategy for an Old Foe

Migraine is a global health issue affecting more than a billion people, yet treatment remains a significant challenge. The advent of anti-CGRP (calcitonin gene-related peptide) therapies marked a breakthrough, offering relief to many. However, a substantial unmet need persists. According to clinical data, approximately 40-50% of patients using these approved treatments fail to achieve a 50% reduction in their monthly migraine days, and less than a third experience a 75% reduction. This leaves a vast population of patients with chronic and episodic migraine still searching for effective prevention.

Mentari Therapeutics aims to fill this critical gap by targeting a complementary and newly validated pathway in migraine pathophysiology: the pituitary adenylate cyclase-activating polypeptide, or PACAP. The company's strategy is built on a dual-pronged attack against both the CGRP and PACAP pathways.

"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," said Julie Bruno, Chair of Mentari's board, in a statement. "Recent anti-PACAP clinical studies have validated this novel mechanism and generated tremendous excitement among headache specialists."

The company's pipeline, discovered by Paragon Therapeutics, Inc., features two parallel lead programs:
* MT-001: An anti-PACAP monoclonal antibody designed for convenient subcutaneous delivery. It directly targets the PACAP pathway, which operates independently of CGRP, offering a new mechanism of action for patients.
* MT-002: A potentially first-in-class bispecific antibody that targets both CGRP and PACAP simultaneously. This dual-pathway inhibitor is designed to provide enhanced efficacy, particularly for patients with a suboptimal response to CGRP-only therapies.

Mentari has laid out an aggressive development timeline, with first-in-human regulatory filings for MT-001 expected in mid-2026 and for MT-002 in the first quarter of 2027. Key clinical data readouts are anticipated to follow, with Phase 1 data for MT-002 in 2027 and Phase 2a proof-of-concept for MT-001 in 2028.

Wall Street Backs a Bold Bet on Migraine Relief

The merger is powered by an impressive US$290 million private placement, which was oversubscribed, signaling robust enthusiasm from the investment community. The fundraising was led by Fairmount, a healthcare-focused investment firm, and saw participation from a who's who of top-tier biotech and life sciences investors.

The syndicate includes Commodore Capital, Deep Track Capital, Janus Henderson Investors, a16z Bio + Health, Venrock Healthcare Capital Partners, and Wellington Management, among others. The presence of such sophisticated, specialist investors underscores a strong belief in Mentari's science, its management team, and the significant commercial potential of its pipeline. This "smart money" provides not just capital, but a powerful validation of the company's strategy to tackle the next frontier in migraine prevention.

The capital injection is expected to fully fund the combined company's operations through 2028, a crucial runway that will see it past several key clinical milestones. This financial security allows Mentari to focus on execution and rapid development without the near-term pressure of further fundraising.

"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," stated Eric A. Adams, President and CEO of InMed. "We believe Mentari's lead programs have tremendous potential to expand and reshape the migraine treatment and prevention market."

The Mechanics of a Biotech Reinvention

The transaction is structured as an all-stock merger, a common strategy in the biotech sector for a private company with a promising pipeline to gain access to public markets. Under the terms, the combined entity is expected to have a pro forma equity value of approximately US$421.4 million.

Upon closing, pre-merger InMed shareholders are expected to own approximately 1.51% of the new Mentari Therapeutics. However, the deal includes provisions to deliver further value to these long-term investors. InMed's existing pipeline, which focused on developing small molecule drug candidates targeting CB1/CB2 receptors for conditions like Alzheimer's, will be monetized separately.

InMed shareholders will be entitled to potential future proceeds through a contingent value right (CVR). This CVR will pay out from any sale, license, or divestiture of InMed's legacy research programs, ensuring that the value of these assets is returned to the original shareholders while allowing the new company to maintain a laser focus on its migraine programs.

The transaction, which has been approved by the boards of both companies, is expected to close in the second half of 2026, pending customary closing conditions, including stockholder approvals. The new company will be led by Mentari's existing board, chaired by Julie Bruno, a Growth Partner at lead investor Fairmount.

This strategic merger effectively transforms InMed from a company focused on cannabinoid-based therapeutics into a vehicle for one of the most exciting new players in the migraine space. It provides Mentari with a Nasdaq listing and a war chest to challenge the status quo, offering a potential lifeline to millions of patients and a compelling new story for investors.