04:38 PM EDT, 06/27/2024 (MT Newswires) -- Eliem Therapeutics ( ELYM ) completed the acquisition of Tenet Medicines on Thursday.

The company has also completed a $120 million private stock placement with institutional investors, including RA Capital Management.

Proceeds from the private placement bring total cash and cash equivalents to about $220 million. This will be sufficient to fund the combined company's operations through 2027 and achieve key milestones for TNT119, an autoimmune diseases treatment candidate.

Eliem also named Aoife Brennan as its new president and chief executive.