Eliem Therapeutics (NASDAQ: ELYM), a biotech company gained in pre-market trading at the time of publishing on Thursday after the company announced that it has completed a strategic review of its business and will halt the development of its Kv7 program.
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The company has engaged Leerink Partners as a strategic advisor and will conduct a comprehensive exploration of its strategic alternatives. Eliem stated in its press release that its strategic alternatives “may include, but are not limited to, an acquisition, merger, business combination, or other transaction. There can be no assurance that its exploration will result in Eliem pursuing a transaction or that any transaction, if pursued, will be completed on attractive terms, if at all.”
ELYM stock has tanked by more than 15% year-to-date.
