This is a studio created by two former Blizzard North designer/artist that worked on Diablo II; Peter Hu and Phil Shenk.
According to the article, “Hu said Moon Beast’s debut project will remain true to both founders’ ARPG roots, but suggested there’ll also be some big innovations.”
I guess we will find out what this first project will be in the future. Myself, ARPG’s have fallen off a cliff in recent years (plus we know that just because designers previously worked on a franchise, doesn’t always mean it will translate into something that will be anywhere as iconic as those other titles; it is often times a matter of time/place plus the entirety of the team that ended up being involved as was the case with Blizzard North and Blizzard Irvine (South) bringing different qualities to Diablo and Diablo II).