Eliem Therapeutics & Tenet Medicines Merge for Autoimmune Drug TNT119
Eliem Therapeutics, Inc. (Nasdaq: ELYM) has revealed plans to merge with Tenet Medicines, Inc. The deal, advised by law firms Goodwin Procter LLP and WilmerHale, involves a $120 million private placement.
The combined company will prioritise the development of TNT119, an anti-CD19 antibody aimed at treating autoimmune diseases. Mark A. Zaslavsky and Laura A. Germano of Goodwin Procter LLP are acting as legal counsel for Eliem in the transaction. Meanwhile, WilmerHale is also advising Eliem in the deal.
Eliem has secured a significant $120 million private placement from institutional investors to fund the acquisition. This financial backing will support the merged entity's focus on advancing TNT119 through clinical trials and towards potential market approval.
The merger of Eliem Therapeutics and Tenet Medicines, facilitated by prominent law firms, sets the stage for accelerated development of TNT119. The $120 million private placement ensures the combined company is well-funded to pursue its therapeutic goals.
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