---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-092520"
form_type: "8-K"
ticker: "CLYM"
cik: "0001768446"
company_name: "Climb Bio, Inc."
filed_at: "2024-04-11T23:59:59+00:00"
generated_at: "2026-06-04T00:07:45.616204+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Eliem to acquire Tenet Medicines in stock deal; raises $120M PIPE at $3.84/share

## Summary
- Eliem (ELYM) acquires Tenet via merger; Tenet holders get 15.4% of combined co. stock.
- PIPE raises $120M from accredited investors at $3.84/share; closes after merger.
- Stephen Thomas (Tenet CEO) to become interim CEO; William Bonificio interim CBO.
- Combined board expands to 7 members: 5 current Eliem directors, Thomas, and 1 Tenet designee.
- Deal requires disinterested stockholder vote; termination fee of $1M payable under certain conditions.

## SEC filing metadata
- accession: 0001193125-24-092520
- form_type: 8-K
- ticker: CLYM
- cik: 0001768446
- company_name: Climb Bio, Inc.
- filed_at: 2024-04-11T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 3.02, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1768446/000119312524092520/0001193125-24-092520-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1768446/000119312524092520/d737147d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-092520
- JSON: https://secwatch.observer/filing/0001193125-24-092520.json
- Plain text: https://secwatch.observer/filing/0001193125-24-092520.txt

## Key facts
- Material Agreements
  Climb Bio, Inc. entered into Securities Purchase Agreement with several accredited institutional investors valued at 31,238,282 shares of the Company’s common stock ... at a price of $3.84 per PIPE Share (effective 2024-04-10).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: several accredited institutional investors
  - Value: 31,238,282 shares of the Company’s common stock ... at a price of $3.84 per PIPE Share
  - Effective: 2024-04-10
  source text: On April 10, 2024, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with several accredited institutional investors (the “PIPE Investors”), pursuant to which the Company agreed to issue and sell to the PIPE Investors in a private placement an aggregate of 31,238,282 shares of the Company’s common stock (the “PIPE Shares”), at a price of $3.84 per PIPE Share (the “Private Placement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1768446/000119312524092520/0001193125-24-092520-index.htm
- Material Agreements
  Climb Bio, Inc. entered into Agreement and Plan of Merger and Reorganization with Tenet Medicines, Inc. (effective 2024-04-10).
  - Action: entry
  - Agreement: merger
  - Counterparty: Tenet Medicines, Inc.
  - Effective: 2024-04-10
  source text: On April 10, 2024, Eliem Therapeutics, Inc. (the “Company”) entered into an Agreement and Plan of Merger and Reorganization (the “Acquisition Agreement”) by and among the Company, Tango Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“Transitory Subsidiary”), Tenet Medicines, Inc., a Delaware corporation (“Tenet”), and, solely in his capacity as company equityholder representative, Stephen Thomas.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1768446/000119312524092520/0001193125-24-092520-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.