Millendo Therapeutics Inc (NASDAQ: MLND) has agreed to merge with privately-held Tempest Therapeutics Inc in an all-stock transaction.

• The combined company will operate under the Tempest Therapeutics moniker under ticker 'TPST,' focusing on advancing Tempest's oncology pipeline of small molecule candidates.
• Tempest's oncology pipeline is led by two clinical programs, TPST-1495 and TPST-1120.
• TPST-1495 is currently in Phase 1a/1b dose and schedule optimization study in patients with advanced solid tumors. Topline data is expected by the end of this year. Data from planned monotherapy dose-expansion and combination studies are expected in 2022.
• TPST-1120 has completed monotherapy dose-escalation and is progressing through a combination dose-escalation study with nivolumab.
• Earlier this month, Tempest announced a clinical collaboration with Roche to investigate TPST-1120 in a randomized frontline hepatocellular carcinoma study. Topline data from this study by year-end 2022.
• In support of the merger, Tempest has secured commitments from a syndicate of investors for a $30 million PIPE financing that is expected to close concurrent with the merger's completion.
• The financing and merger are expected to close in the first half of 2021.
• Price Action: MLND shares are trading 12.8% lower at $1.90 in the premarket session on the last check Monday.