Overview
- Liminatus said on Thursday, May 21, that it entered a definitive merger agreement dated May 17 to fold InnocsAI into a newly formed Delaware subsidiary owned by Liminatus.
- Under the deal InnocsAI members would receive 1.6 billion shares of Liminatus stock at $0.20 per share along with contingent value rights tied to 20% of certain future net proceeds.
- The asset package includes IBC101, a CD19xCD22 bivalent CAR‑T authorized for a Phase 1/2a study in South Korea, preclinical solid‑tumor programs, and a CS1 antibody platform meant to enable a potential trivalent CD19xCD22xCS1 CAR‑T.
- Both companies’ boards approved the transaction but reporting highlights that Liminatus CEO Chris Kim controls Valetudo Therapeutics LLC, a member of InnocsAI, a link that may prompt related‑party and governance scrutiny as disclosures proceed.
- LIMN shares jumped roughly 79% in after‑hours trading after the announcement and the merger still requires an 8‑K filing, shareholder approval, regulatory clearances and other customary closing conditions before it can close.