Millendo Therapeutics Inc. (NASDAQ: MLND) jumped 4.27% at last check-in today’s premarket session trading at $1.22. The Millendo stock saw an increase of $0.19 or 18.90% at close of the Wednesday session. On average, Millendo stock traded between $0.9601 and $1.23 during the session.
Data from Barchart show MLND stock closed at $1.17 during the last trading session, while the trading volume reached 4.65 million. MLND’s stock has soared in the absence of relevant news in recent days, but it became finalized earlier this month in a merger agreement.
The definitive agreement:
The biopharmaceutical company Millendo Therapeutics was previously mainly focused on developing novel treatments for endocrine diseases where current therapies were either insufficient or unavailable. MLND strives to provide treatments that address unmet medical needs that are different and transformative.
Millendo and Tempest Therapeutics, a privately held firm, recently announced an agreement under which Millendo would merge with Tempest into an all-stock transaction. A new Tempest will focus on translating Tempest’s oncology pipeline into small-molecule treatments that could be used against a wide array of cancers. Once the shareholders approve the merger, the combined company would operate as Tempest Therapeutics and be listed on the NASDAQ Capital Market as TPST.
What will MLND stockholders get?
Millendo (MLND) stockholders can expect to own about 18.5% and Tempest shareholders will hold approximately 81.5% of the combined company. But the exact percentage MLND’s stockholders will own in the combined company is subject to adjustment upon the closing of the transaction depending on the amount of cash MLND has on hand.