---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-170599"
form_type: "8-K"
ticker: "CLYM"
cik: "0001768446"
company_name: "Climb Bio, Inc."
filed_at: "2024-06-27T23:59:59+00:00"
generated_at: "2026-06-01T01:05:38.250113+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Eliem closes acquisition of Tenet Medicines, gains TNT119 autoimmune drug, raises $120M PIPE

## Summary
- Acquisition of Tenet closed June 27; 5,560,047 Eliem shares issued to Tenet equityholders.
- PIPE of 31,238,282 shares raised ~$120M gross; proceeds to fund TNT119 development.
- Lead asset TNT119 (budoprutug) licensed from Acelyrin; up to $157.5M in milestone payments plus royalties.
- New CEO Aoife Brennan appointed effective close; Stephen Thomas joins board and as consultant.
- Tenet also assumed CRH license with up to £106.8M milestones and ProBioGen cell line agreement.

## SEC filing metadata
- accession: 0001193125-24-170599
- form_type: 8-K
- ticker: CLYM
- cik: 0001768446
- company_name: Climb Bio, Inc.
- filed_at: 2024-06-27T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 3.02, 5.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1768446/000119312524170599/0001193125-24-170599-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1768446/000119312524170599/d692630d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-170599
- JSON: https://secwatch.observer/filing/0001193125-24-170599.json
- Plain text: https://secwatch.observer/filing/0001193125-24-170599.txt

## Key facts
- Executive change
  Stephen Thomas was elected as Director at Climb Bio, Inc..
  - Action: elected
  - Role: Director
  source text: the Board elected Stephen Thomas, Ph.D., the then-Chief Executive Officer of Tenet, to serve as a director on the Board, subject to and contingent and effective upon the closing of the Acquisition, from the Effective Date until the Company’s 2025 annual meeting of stockholders and thereafter until his successor has been duly elected and qualified or until his earlier death, resignation or removal.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1768446/000119312524170599/0001193125-24-170599-index.htm
- Executive change
  Aoife Brennan was elected as Director at Climb Bio, Inc..
  - Action: elected
  - Role: Director
  source text: In addition, Dr. Brennan was elected as a director to serve on the Board from the Effective Date until the Company’s 2027 annual meeting of stockholders and thereafter until her successor has been duly elected and qualified or until her earlier death, resignation or removal.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1768446/000119312524170599/0001193125-24-170599-index.htm
- Executive change
  Aoife Brennan was appointed as President and Chief Executive Officer at Climb Bio, Inc..
  - Action: appointed
  - Role: President and Chief Executive Officer
  source text: the Company’s Board of Directors (the “Board”) appointed Aoife Brennan, M.B., Ch.B., as President and Chief Executive Officer of the Company, effective upon the closing of the Acquisition (the “Effective Date”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1768446/000119312524170599/0001193125-24-170599-index.htm
- M&A Transactions
  Climb Bio, Inc. completed an acquisition involving Tenet Medicines, Inc. (closed 2024-06-27).
  - Action: acquisition
  - Counterparty: Tenet Medicines, Inc.
  - Closing: 2024-06-27
  source text: On June 27, 2024, the Company completed its acquisition of Tenet in accordance with the terms of the Acquisition Agreement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1768446/000119312524170599/0001193125-24-170599-index.htm

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