Eliem Therapeutics Shifts From Neurology With New Found Focus On Autoimmune Diseases With Tenet Medicines Deal
Portfolio Pulse from Vandana Singh
Eliem Therapeutics Inc (NASDAQ:ELYM) is acquiring Tenet Medicines Inc., shifting focus to autoimmune diseases with the development of TNT119, an anti-CD19 antibody. Eliem has halted its Kv7 program and is entering a $120 million private placement to sell 31.2 million shares at $3.84 each. The acquisition and private placement are expected to close in mid-2024, with the combined company's cash reserves projected at $210 million, anticipated to fund operations into 2027. ELYM shares surged 56.2% to $4.17.
April 11, 2024 | 4:42 pm
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Eliem Therapeutics is acquiring Tenet Medicines to focus on autoimmune diseases, entering a $120 million private placement, with shares up 56.2% to $4.17.
The acquisition of Tenet Medicines and the strategic shift towards developing treatments for autoimmune diseases, combined with a significant private placement, indicate a positive outlook for Eliem Therapeutics. The surge in share price reflects market optimism about the company's future prospects and financial stability. The expected cash reserves post-acquisition and funding into 2027 further bolster confidence in the company's strategic direction.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100