OnKure hitches Reneo's ride to Nasdaq in merger, with $65M PIPE to boot

13 May 2024
www.fiercebiotech.com
Phase 1Acquisition
OnKure is expected to have enough cash to last into the fourth quarter of 2026.
OnKure Therapeutics has merged with Reneo Pharmaceuticals, jumping onto Wall Street with $120 million and a lead breast cancer treatment challenging the likes of Eli Lilly, Relay and Scorpion.
OnKure Therapeuticswill retain OnKurReneo Pharmaceuticalso trade under the ticker “OKUR.” As part of Monday’s deabreast cancered a $65 million private investment ElipLilly eRelay (PIPScorpioncing, corralling backers of OnKure’s 2023 series C round including Acorn Bioventures, Cormorant Asset Management, Deep Track Capital, Perceptive Advisors, Samsara BioCapital, Surveyor Capital and Vestal Point Capital. Reneo just needs to make sure that it has $55 million in cash on hand at the time of deal closing.
Should the merger close and theOnKuretions of the PIPE be met, the enlarged OnKure will have $120 million in total cReneoenough to last into the fourth quarter of 2026.OnKureAcorn BioventuresSamsara BioCapitalReneo
“We are pleased to announce our proposed merger with Reneo Pharmaceuticals, OnKureng us to create a publicly traded company focused on advancing OnKure’s lead, mutant-specific programs targeting PI3Kα in breast cancer,” OnKure President and CEO Nicholas Saccomano said in a release.
That lead asset, OKI-219, just entered its first humaReneo Pharmaceuticalsassessing whether a mutant-specific PI3Kα inhibitor could limit off-tarOnKurellateral damage while improving efficacy. ThPI3Kα-parbreast cancerdy OnKureting OKI-219 as both a monotherapy and as a combo with either Faslodex or Herceptin, and is set to recruit about 150 patients out of a cancer center in Virginia.
OnKure’s two precOKI-219 assets are also targeting P13Ka and breast cancer, with a next-gen inhibitor focused PI3Kα inhibitorPI3Kαe H1047X mutation and another tackling both E542K and E545K mutations.OKI-219FaslodexHerceptincancer
OnKure are also looking to stake their claim to mutant forms breast cancerluding Relay Therapeutics, which is working on a pan-selective inhibitor. Scorpion Therapeutics has its own small molecule, mutant-selective blocker in the works that's likewise in a phase 1 study while Eli Lilly has a PI3Kα inhibitor in the clinic as well, looking to enroll some 400 patients.
For more details,please visit the original website
The content of the article does not represent any opinions of Synapse and its affiliated companies. If there is any copyright infringement or error, please contact us, and we will deal with it within 24 hours.
Organizations
Indications
Targets
Drugs
AI Agents Built for Biopharma Breakthroughs
Accelerate discovery. Empower decisions. Transform outcomes.
Get started for free today!
Accelerate Strategic R&D decision making with Synapse, PatSnap’s AI-powered Connected Innovation Intelligence Platform Built for Life Sciences Professionals.
Start your data trial now!
Synapse data is also accessible to external entities via APIs or data packages. Empower better decisions with the latest in pharmaceutical intelligence.