Eliem Therapeutics (ELYM) has issued an update.
Eliem Therapeutics, Inc. has entered into an Acquisition Agreement to take over Tenet Medicines, Inc., with Tenet becoming a subsidiary of Eliem. This move will allow Eliem to expand its therapeutic offerings into autoimmune disorder treatments. To complete this acquisition, Eliem will issue new stock equivalent to 15.4% of its post-closing common stock to Tenet shareholders. Additionally, Eliem has secured agreements from major stakeholders and investors to support the acquisition and has planned a private placement of shares to raise $120 million, which is contingent upon the acquisition’s completion. Moreover, the combined company will see Tenet executives joining Eliem’s leadership, positioning it for strategic growth within the biotech sector.
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