Eliem Therapeutics (ELYM) has issued an announcement.
The Company recently completed its acquisition of Tenet, with the deal finalizing on June 27, 2024. This strategic move involved the Company taking on several agreements, including an asset purchase agreement with Acelyrin, which grants them worldwide licenses to develop and commercialize TNT119, a non-oncology drug, along with associated obligations and milestones payments. Additionally, the Company issued over 5.5 million shares to Tenet’s equityholders as part of the acquisition’s terms. The agreements with CRH and ProBioGen were also part of the acquisition, providing the Company with exclusive and non-exclusive licenses respectively for the development of TNT119. These agreements come with their own sets of financial commitments, including milestone payments and royalties. Concurrently, the Company raised $120 million through a Private Placement and appointed new leadership, with Dr. Aoife Brennan as CEO and Dr. Stephen Thomas as a Board director and consultant.
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