Reneo Pharmaceuticals and OnKure Plan to Merge
DENVER, Colo., May 13, 2024 (247marketnews.com)- Reneo Pharmaceuticals, Inc. (Nasdaq:RPHM) into a definitive merger agreement to combine with privately-held OnKure, Inc., in an all-stock transaction to create a Nasdaq-listed, ticker symbol “OKUR”, clinical-stage biopharmaceutical company focused on advancing OnKure’s portfolio of novel precision medicines in oncology
“Following a thorough evaluation of strategic alternatives, the Reneo board of directors and management team believe that this anticipated transaction represents a compelling opportunity to deliver shareholder value as the OnKure team advances their PI3Kα inhibitors,” commented Executive Chairman and founder of Reneo Pharmaceuticals, Mike Grey. “OnKure has an experienced team of drug developers, and we are excited about the potential for OKI-219 to become a meaningful treatment option for patients suffering from breast cancer.”
The transaction includes Reneo Pharmaceuticals entering into a subscription agreement for a $65 million private investment in public equity (PIPE) financing expected to result in the combined company’s cash and equivalents to approximately $120 million.
Nicholas Saccomano, President and Chief Executive Officer of OnKure, stated, “We are pleased to announce our proposed merger with Reneo Pharmaceuticals, allowing us to create a publicly traded company focused on advancing OnKure’s lead, mutant-specific programs targeting PI3Kα in breast cancer. This opportunity comes at an important time for OnKure as we recently initiated our PIKture-01 trial of OKI-219 and expect early clinical data in the fourth quarter of this year.”
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