Eliem receives non-binding term sheet to acquire biotech Tango for $20M in stock

Climb Bio, Inc.

RA Capital owns ~47.5% of Eliem and majority of Tango; special committee oversees strategic review.
Eliem valued at $110M, Tango at $20M; post-deal Tango holders get 15.4% of combined entity.
Concurrent PIPE financing to be sized by parties; RA Capital expected to participate.
Deal requires approval of majority of Eliem shares not held by RA Capital (non-waivable condition).
Non-binding; subject to due diligence, definitive agreement, and independent committee clearance.

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