On April 11, 2024, Eliem Therapeutics, Inc. (Nasdaq: ELYM), announced that it had entered into a definitive merger agreement to acquire Tenet Medicines, Inc., a development-stage private biotechnology company. The combined company plans to focus on advancing TNT119, a potentially best-in class anti-CD19 antibody, designed for a broad range of autoimmune diseases, including systemic lupus erythematosus, immune thrombocytopenia and membranous nephropathy. 

In support of the acquisition, Eliem has entered into a securities purchase agreement for a $120 million private placement of common stock with a syndicate of new and existing institutional life science investors including RA Capital Management, Deep Track Capital, Boxer Capital, Janus Henderson Investors, Pontifax and Samsara Biocapital. The private placement is expected to close concurrently with the closing of the acquisition. 

WilmerHale is representing Eliem Therapeutics in the transaction, with a team led by Partners Chris Barnstable-Brown and Scott Lunin, which also included Counsel Katharine Patterson, Senior Associate Rachael Joseph and Associate Stephen Babendreier on M&A, financing and corporate matters, and Partners Ciara Baker, Kim Wethly, Sarah Hogan, Scott Kilgore, Julie Hogan Rodgers and Bruce Manheim, Counsels Atul Jain and Ben Kelsey, and Senior Associate Lauren Leonard on equity compensation, tax, employee benefits, intellectual property, regulatory and employment matters.