Millendo To Merge With Tempest Therapeutics In An All-Stock Transaction

(RTTNews) - Millendo Therapeutics, Inc. (MLND) said Monday that it will merge with the privately-held oncologist company Tempest Therapeutics in an all-stock transaction. The combined company will focus on Tempest's oncology pipeline of small molecule therapeutics, including TPST-1495 and TPST-1120, to address a wide range of tumors.

As per the agreement, Millendo stockholders are expected to own approximately 18.5 percent of the combined company and pre-merger Tempest stockholders will own approximately 81.5 percent of the combined company.

The merger is expected to close in the first half of 2021. The new company will trade on the Nasdaq under the ticker TPST.

The net proceeds of the merger and financing are expected to fund the further development of Tempest's three oncology programs.

Upon closing of the transaction, Millendo will be renamed Tempest Therapeutics, Inc. and will be headquartered in South San Francisco, CA.

Stephen Brady and Tom Dubensky will serve as chief executive officer and president, respectively, of the combined company.