[SCHEDULE 13D/A] IGM Biosciences, Inc. SEC Filing
Amendment No. 8 to Schedule 13D reports that Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker and Felix J. Baker (the Reporting Persons) no longer beneficially own any securities of IGM Biosciences, Inc. (IGMS) following the closing of a merger on August 14, 2025. Under the Merger Agreement, each share of common and non-voting common stock was exchanged for $1.247 in cash plus one non-transferable contingent value right. Prefunded warrants converted to the merger consideration net of exercise costs and stock options were cancelled for no value. Felix J. Baker resigned from the board prior to the merger.
Emendamento n. 8 al Modulo 13D segnala che Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker e Felix J. Baker (le Parti segnalanti) non detengono più partecipazioni di fatto in IGM Biosciences, Inc. (IGMS) a seguito del perfezionamento di una fusione avvenuto il 14 agosto 2025. In base all'Accordo di Fusione, ogni azione ordinaria e ogni azione ordinaria senza diritto di voto sono state convertite in 1,247 USD in contanti più un diritto condizionale non trasferibile. I warrant pre-pagati sono stati convertiti nel corrispettivo della fusione al netto dei costi di esercizio e le opzioni su azioni sono state annullate senza alcun valore. Felix J. Baker si era dimesso dal consiglio prima della fusione.
Enmienda n.º 8 al Anexo 13D informa que Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker y Felix J. Baker (las Personas Informantes) ya no poseen valores de IGM Biosciences, Inc. (IGMS) tras el cierre de una fusión el 14 de agosto de 2025. Según el Acuerdo de Fusión, cada acción ordinaria y cada acción ordinaria sin derecho a voto se canjearon por 1,247 USD en efectivo más un derecho contingente no transferible. Los warrants prefinanciados se convirtieron en la contraprestación de la fusión neta de los costes de ejercicio y las opciones sobre acciones se cancelaron sin valor. Felix J. Baker renunció al consejo antes de la fusión.
Schedule 13D 수정안 8호는 Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker 및 Felix J. Baker(신고인들)가 2025년 8월 14일 합병 종결을 계기로 IGM 바이오사이언스(IGMS)의 증권을 더 이상 실질적으로 보유하지 않게 되었음을 보고합니다. 합병계약에 따라 보통주 및 무의결권 보통주 각각은 주당 현금 1.247달러와 양도 불가능한 우발가치권 1개로 교환되었습니다. 선납형 워런트는 행사비용을 공제한 합병 보상으로 전환되었으며 주식매수선택권은 가치 없이 취소되었습니다. Felix J. Baker는 합병 전에 이사회에서 사임했습니다.
Amendement n°8 à l'Annexe 13D indique que Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker et Felix J. Baker (les Déclarants) ne détiennent plus aucun titre d'IGM Biosciences, Inc. (IGMS) à la suite de la clôture d'une fusion le 14 août 2025. Conformément à l'accord de fusion, chaque action ordinaire et chaque action ordinaire sans droit de vote ont été échangées contre 1,247 USD en espèces plus un droit conditionnel non transférable. Les warrants préfinancés ont été convertis en contrepartie de la fusion, nets des frais d'exercice, et les options sur actions ont été annulées sans valeur. Felix J. Baker avait démissionné du conseil avant la fusion.
Nachtrag Nr. 8 zu Schedule 13D meldet, dass Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker und Felix J. Baker (die meldenden Personen) nach dem Abschluss einer Fusion am 14. August 2025 keine Wertpapiere der IGM Biosciences, Inc. (IGMS) mehr wirtschaftlich besitzen. Nach dem Fusionsvertrag wurde jede Stammaktie und jede stimmlosen Stammaktie gegen 1,247 USD in bar zuzüglich eines nicht übertragbaren bedingten Anspruchs getauscht. Vorgezahlte Warrants wurden, abzüglich Ausübungskosten, in die Fusionsgegenleistung umgewandelt; Aktienoptionen wurden ohne Wert annuliert. Felix J. Baker trat vor der Fusion aus dem Vorstand zurück.
- Full liquidity for previously held shares: Reporting Persons received $1.247 cash per share plus one CVR, providing immediate realized value.
- Prefunded warrants converted: Prefunded warrants converted into the merger consideration net of exercise costs, simplifying capitalization.
- Loss of ownership and influence: Reporting Persons now beneficially own 0% of IGMS, ceasing to be >5% owners and removing investor influence.
- Options cancelled for no value: Previously reported stock options were cancelled without consideration, eliminating potential upside for option holders.
- Director resignation: Felix J. Baker resigned from the board prior to the merger, representing a governance departure.
Insights
TL;DR: Reporting persons disposed of all IGMS holdings in the merger; transaction removes their ownership but provides cash plus CVRs to holders.
The filing documents a full disposition of equity and related instruments by the Reporting Persons as part of a merger that paid $1.247 per share in cash plus one contingent value right per share. Prefunded warrants converted into the merger consideration net of exercise costs, and outstanding stock options were cancelled for no value, reducing outstanding contingent claims. The Reporting Persons now hold 0% of the company, which eliminates their economic and voting exposure to IGMS.
TL;DR: Complete exit and director resignation materially reduce Baker group influence over IGMS governance and strategic direction.
The filing confirms Felix J. Baker resigned as a director immediately prior to the merger and that the Baker entities ceased to own more than 5% of IGMS. This is a material governance change because it removes the Reporting Persons' ability to influence board composition or corporate strategy going forward. Cancellation of options for no value also terminates former management alignment via equity incentives.
Emendamento n. 8 al Modulo 13D segnala che Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker e Felix J. Baker (le Parti segnalanti) non detengono più partecipazioni di fatto in IGM Biosciences, Inc. (IGMS) a seguito del perfezionamento di una fusione avvenuto il 14 agosto 2025. In base all'Accordo di Fusione, ogni azione ordinaria e ogni azione ordinaria senza diritto di voto sono state convertite in 1,247 USD in contanti più un diritto condizionale non trasferibile. I warrant pre-pagati sono stati convertiti nel corrispettivo della fusione al netto dei costi di esercizio e le opzioni su azioni sono state annullate senza alcun valore. Felix J. Baker si era dimesso dal consiglio prima della fusione.
Enmienda n.º 8 al Anexo 13D informa que Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker y Felix J. Baker (las Personas Informantes) ya no poseen valores de IGM Biosciences, Inc. (IGMS) tras el cierre de una fusión el 14 de agosto de 2025. Según el Acuerdo de Fusión, cada acción ordinaria y cada acción ordinaria sin derecho a voto se canjearon por 1,247 USD en efectivo más un derecho contingente no transferible. Los warrants prefinanciados se convirtieron en la contraprestación de la fusión neta de los costes de ejercicio y las opciones sobre acciones se cancelaron sin valor. Felix J. Baker renunció al consejo antes de la fusión.
Schedule 13D 수정안 8호는 Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker 및 Felix J. Baker(신고인들)가 2025년 8월 14일 합병 종결을 계기로 IGM 바이오사이언스(IGMS)의 증권을 더 이상 실질적으로 보유하지 않게 되었음을 보고합니다. 합병계약에 따라 보통주 및 무의결권 보통주 각각은 주당 현금 1.247달러와 양도 불가능한 우발가치권 1개로 교환되었습니다. 선납형 워런트는 행사비용을 공제한 합병 보상으로 전환되었으며 주식매수선택권은 가치 없이 취소되었습니다. Felix J. Baker는 합병 전에 이사회에서 사임했습니다.
Amendement n°8 à l'Annexe 13D indique que Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker et Felix J. Baker (les Déclarants) ne détiennent plus aucun titre d'IGM Biosciences, Inc. (IGMS) à la suite de la clôture d'une fusion le 14 août 2025. Conformément à l'accord de fusion, chaque action ordinaire et chaque action ordinaire sans droit de vote ont été échangées contre 1,247 USD en espèces plus un droit conditionnel non transférable. Les warrants préfinancés ont été convertis en contrepartie de la fusion, nets des frais d'exercice, et les options sur actions ont été annulées sans valeur. Felix J. Baker avait démissionné du conseil avant la fusion.
Nachtrag Nr. 8 zu Schedule 13D meldet, dass Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker und Felix J. Baker (die meldenden Personen) nach dem Abschluss einer Fusion am 14. August 2025 keine Wertpapiere der IGM Biosciences, Inc. (IGMS) mehr wirtschaftlich besitzen. Nach dem Fusionsvertrag wurde jede Stammaktie und jede stimmlosen Stammaktie gegen 1,247 USD in bar zuzüglich eines nicht übertragbaren bedingten Anspruchs getauscht. Vorgezahlte Warrants wurden, abzüglich Ausübungskosten, in die Fusionsgegenleistung umgewandelt; Aktienoptionen wurden ohne Wert annuliert. Felix J. Baker trat vor der Fusion aus dem Vorstand zurück.