Reneo Pharmaceuticals Announces Merger and Strategic PIPE Investment

Reneo Pharmaceuticals (RPHM) has issued an announcement.

Reneo Pharmaceuticals has announced a significant step forward with a merger agreement involving OnKure, Inc. Upon completion, this strategic move will see OnKure merge into two of Reneo’s subsidiaries, eventually becoming a fully owned subsidiary of Reneo. This tax-free reorganization is expected to result in OnKure shareholders owning a majority stake in the combined entity. The agreement also includes a private investment in public equity (PIPE) transaction, raising $65 million to fund the merged company. The merger is subject to standard closing conditions, including approvals from both companies’ shareholders and regulatory bodies.

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