Eliem finds path forward with Tenet merger and $120 million

12 April 2024

Eliem Therapeutics (Nasdaq: ELYM) has raised $120 million in a private share placement and agreed to merge with Tenet Medicines.

The announcement, which bolstered Eliem stock by more than 50%, comes around a year after the firm ditched ill-fated efforts to develop its pain and mood disorder candidates.

At that time, the company announced it was exploring the possibility of strategic acquisitions or mergers, and the union with Tenet could now offer a positive way forward.

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