Big Pharma News: OnKure and Reneo Pharmaceuticals Announce Merger

OnKure has successfully merged with Reneo Pharmaceuticals, creating a new entity that will operate as OnKure Therapeutics. Starting soon, shares of the combined company will be traded on the Nasdaq Global Market under the ticker symbol “OKUR.” The merger, initially agreed upon in May 2024 as an all-stock deal, marks a significant step for both organizations.

Additionally, OnKure has secured a $65 million private placement, attracting both new and existing investors. This strategic financing will support the company’s operations, ensuring sufficient funds for several clinical readouts until the end of 2026. The board of directors will comprise members from both companies, along with Valerie Jansen, who joined as part of the merger completion.

Saccomano commented, “We are ecstatic to finalise this merger, and move to accelerate the development of our mutant-specific PI3Kα inhibitor portfolio. Combined with our unique expertise in PI3K-mutated cancers, we aim to fully target and exploit the vulnerabilities of this oncogenic menace for the benefit of patient

OnKure is focused on developing a range of selective PI3Kα inhibitors designed to improve treatment effectiveness and safety. Its leading candidate, OKI-219, shows strong selectivity for the mutant oncogene, potentially providing better outcomes for patients with PI3KαH1047R mutations. Currently, OKI-219 is undergoing a Phase I clinical trial aimed at treating solid tumours, including breast cancer.

The merger combines OnKure’s precision oncology expertise with Reneo’s robust resources, emphasizing the advancement of therapies for oncogenic mutations in PI3Kα. OKI-219 plays a crucial role in the combined company’s pipeline and is actively moving through clinical trials.