Reneo Pharmaceuticals announces reverse merger with OnKure

Client(s) Reneo Pharmaceuticals, Inc.

Jones Day represented Reneo Pharmaceuticals, Inc. (NASDAQ: RPHM) in an all-stock reverse merger between Reneo and OnKure, Inc., a privately-held, clinical-stage biopharmaceutical company valued at $170 million that is focused on the development of novel precision medicines in oncology. The combined company now operates under the name OnKure Therapeutics, Inc. and focuses on advancing OnKure's portfolio of novel precision oncology medicines targeting oncogenic mutations in PIK3a. The merger was completed on October 4, 2024.

In connection with the merger, Reneo concurrently entered into a subscription agreement with certain existing OnKure stockholders and new investors (the “PIPE Investors”) pursuant to which Reneo agreed to issue to the PIPE Investors shares of its Class A Common Stock concurrently with the merger in a private placement transaction for an aggregate purchase price of $65 million (the “Concurrent PIPE Investments”). The concurrent PIPE Investments were also completed on October 4, 2024.