Millendo Therapeutics has agreed to merge with South San Francisco-based Tempest Therapeutics, a privately-held clinical-stage oncology company, in an all-stock deal. Shares of the biopharmaceutical company dropped more than 5% in the pre-market session after closing 36.7% lower on March 29. The combined entity is likely to focus on developing Tempest’s oncology pipeline of small molecule therapeutics, which could potentially address a wide range of tumors. To support the merger, Tempest has secured commitments from a premier group of healthcare investors for a $30 million PIPE financing, which is likely to close along with the completion of the merger.