Brief: Eliem Therapeutics Announces Agreement To Acquire Tenet Medicines And Concurrent $120 Mln Private Placement

Climb Bio

11/04/2024 12:21

April 11 (Reuters) - Eliem Therapeutics Inc  ELYM.O :
    * ELIEM THERAPEUTICS ANNOUNCES AGREEMENT TO ACQUIRE TENET
MEDICINES AND CONCURRENT $120 MILLION PRIVATE PLACEMENT
    * ELIEM THERAPEUTICS INC - COMBINED COMPANY EXPECTED TO HAVE
APPROXIMATELY $210 MILLION OF CASH AND CASH EQUIVALENTS
    * ELIEM THERAPEUTICS INC - COMBINED COMPANY PLANS TO FOCUS
ON
ADVANCING TNT119
    * ELIEM THERAPEUTICS INC - TENET STOCKHOLDERS ARE ENTITLED
TO
RECEIVE SHARES OF ELIEM'S COMMON STOCK UPON CLOSING OF
ACQUISITION
    * ELIEM THERAPEUTICS INC - TENET STOCKHOLDERS ARE ENTITLED
TO
RECEIVE SHARES OF ELIEM'S COMMON STOCK UPON CLOSING OF
ACQUISITION
    * ELIEM THERAPEUTICS INC - PRE-ACQUISITION TENET
EQUITYHOLDERS ARE
EXPECTED TO OWN APPROXIMATELY 15% OF COMBINED COMPANY
    * ELIEM THERAPEUTICS INC - AND PRE-ACQUISITION ELIEM
EQUITYHOLDERS
ARE EXPECTED TO OWN APPROXIMATELY 85% OF COMBINED COMPANY
    * ELIEM THERAPEUTICS INC - ACQUISITION AGREEMENT HAS BEEN
UNANIMOUSLY APPROVED BY BOARDS OF DIRECTORS OF BOTH COMPANIES
    * ELIEM THERAPEUTICS INC - IN PRIVATE PLACEMENT, ELIEM HAS
AGREED
TO SELL 31,238,282 SHARES OF ITS COMMON STOCK AT A PRICE OF
$3.84 PER SHARE
    * ELIEM THERAPEUTICS- COMBINED CO TO INITIATE PHASE 2 TRIALS
OF
TNT119 FOR TREATING SYSTEMIC LUPUS ERYTHEMATOSUS AND IMMUNE
THROMBOCYTOPENIA IN H2 2024

Source text for Eikon:  ID:nGNX3q4qhL 
Further company coverage:  ELYM.O 

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