Eliem Therapeutics, Inc. has entered into an Agreement and Plan of Merger and Reorganization to acquire Tenet Medicines, Inc., a biotechnology company focused on autoimmune disorders, through a merger. The acquisition will be completed through the issuance of shares of Eliem Therapeutics' common stock to Tenet stockholders. The company has also entered into a securities purchase agreement for a private placement of its common stock to accredited institutional investors, expected to raise approximately $120.0 million. The transactions are subject to customary closing conditions and approvals.