Millendo Therapeutics, Inc. stock currently traded at $1.52 which is a 30.28% downward movement, at the time of writing. The MLND stock previously closed at $2.18.
The news that comes adjacent to the recent pattern of stock of movement is the announcement of a merger between Millendo Therapeutics, Inc. (MLND) and Tempest Therapeutics.
Operational work and recent programs of Millendo Therapeutics, Inc
Millendo is a biopharmaceutical company that primarily focuses on approaching endocrine diseases’ treatment in an innovative way especially. The company specifically focuses on unmet requirements of the medical field for endocrinal disease treatments.
Operational work and recent programs of Tempest Therapeutics, Inc
Tempest Therapeutics is a clinical-stage oncology company that specializes in focusing on small molecules. This is done for the purposes of hybridizing targeted and immune-mediated mechanisms with the aim to treat a significant range of tumors.
Currently, the clinical-stage oncology company has two novel programs in its pipeline. These are TPST-1495 and TPST-1120 which are progressing through phase 1 studies. These studies are designed to treat both agents as monotherapies and in combination with other approved agents. Furthermore, Tempest is in the process of designing an inhibitor of TREX-1. TREX-1 inhibitor will have properties of a double-stranded DHA exonuclease which can trigger the activation of an innate immune response pathway.
The definitive agreement details behind the merger
Under the definitive agreement, the biopharmaceutical company Millendo Therapeutics (MLND) will be merged with Tempest in an all-stock transaction. The merged companies will then operate and retain the name Tempest Therapeutics and trade under the ticker name TPST.
The merged Tempest therapeutics (TPST) will combine all their focus on advancing the clinical-stage company’s oncology pipeline of small molecule therapeutics. This will further accelerate the program which is already recently collaborated with Roche to investigate TPS-1120 in a highly randomized frontline hepatocellular carcinoma study. Tempest is already advancing consistently on its oncology in this quarter and is expecting to accelerate the proprietary oncology programs it has next in line.
Financial agreements under the merger
Tempest (TPST) has successfully completed a deal agreement from a collective group of healthcare investors which include Versant Ventures, Eight Roads Ventures as well as 7 more investors valuing the deal at $30 million for its PIPE financing which will take place adjacent to the completion of the merger. The pre-merger Tempest (TPST) will hold 81.5% of the merged company while Millendo (MLND) will hold the rest. The merger agreement is expected to close in the first half of 2021.