Brief: Reneo Pharmaceuticals and OnKure Announce Proposed Merger

Onkure Therapeutics

13/05/2024 12:43

May 13 (Reuters) - Reneo Pharmaceuticals Inc  RPHM.O :
    * RENEO PHARMACEUTICALS AND ONKURE ANNOUNCE PROPOSED MERGER
    * RENEO PHARMACEUTICALS INC - MERGER TO CREATE A
NASDAQ-LISTED,
CLINICAL-STAGE BIOPHARMACEUTICAL COMPANY
    * RENEO PHARMACEUTICALS INC - MERGED COMPANY TO BE NAMED
ONKURE
THERAPEUTICS
    * RENEO PHARMACEUTICALS: COMBINED CO EXPECTED TO OPERATE
UNDER
NAME ONKURE THERAPEUTICS, INC., TRADE ON NASDAQ GLOBAL MARKET
UNDER TICKER SYMBOL "OKUR"
    * RENEO PHARMACEUTICALS INC - MERGER AND PIPE FINANCING
EXPECTED
TO CLOSE IN 2024
    * RENEO PHARMACEUTICALS: PRE-MERGER RENEO STOCKHOLDERS TO
OWN
ABOUT 31% OF COMBINED CO, PRE-MERGER ONKURE STOCKHOLDERS TO OWN
ABOUT 69% OF COMBINED CO
    * RENEO PHARMACEUTICALS- ENTERED INTO SUBSCRIPTION AGREEMENT
FOR
$65 MILLION PRIVATE INVESTMENT IN PUBLIC EQUITY (PIPE) FINANCING
    * RENEO PHARMACEUTICALS INC - COMBINED COMPANY WILL BE LED
BY
NICHOLAS SACCOMANO, PRESIDENT & CEO OF ONKURE
    * RENEO PHARMACEUTICALS INC - MERGER AGREEMENT PROVIDES THAT
BOARD
OF DIRECTORS OF COMBINED COMPANY WILL BE COMPOSED OF EIGHT
MEMBERS
    * RENEO PHARMACEUTICALS INC - COMBINED CO IS EXPECTED TO
HAVE
APPROXIMATELY $120 MILLION OF CASH, CASH EQUIVALENTS, AND
SHORT-TERM INVESTMENTS AT CLOSING

Source text for Eikon:  ID:nGNX31vFWT 
Further company coverage:  RPHM.O 

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