Reneo Pharmaceuticals, Inc. (NASDAQ:RPHM) shares initially traded higher Monday before turning negative after the company announced a proposed merger with OnKure, Inc.
The Details: Reneo and Onkure announced Monday that they have entered into a definitive merger agreement to combine the two companies in an all-stock transaction.
The resulting company, expected to operate as OnKure Therapeutics, will focus on advancing OnKure’s products targeting oncogenic mutations in phosphoinositide 3-kinase alpha. This includes OnKure’s lead program OKI-219.
“OnKure has an experienced team of drug developers, and we are excited about the potential for OKI-219 to ...