- Syros Pharmaceuticals Inc SYRS has agreed to acquire TYME Technologies Inc TYME, including its pipeline assets and net cash, after accounting for wind-down and transaction expenses currently estimated to be approximately $60 million.
- Syros expects to issue approximately 74.3 million shares. TYME stockholders are expected to receive approximately 0.4312 shares of Syros shares for each share of TYME share.
- The combined company will be led by Syros' existing management team, including Nancy Simonian, CEO of Syros. It will focus on advancing Syros' pipeline of small molecule medicines for cancer.
- Related: Syros' CDK12 Inhibitor Shows Anti Tumor Activity In Preclinical Studies.
- Concurrent with the merger, Syros announced an oversubscribed $130 million private investment in public equity (PIPE) financing at a price per unit of $0.94.
- Following the merger's closing, the combined company's total cash balance is expected to be approximately $240 million, sufficient to fund Syros' planned operating expenses and capital expenditure requirements into 2025.
- The transactions are expected to close in the second half of 2022.
- Price Action: SYRS shares closed at $0.91 on Friday. TYME shares are up 46.78% at $0.39 during the premarket session on the last check Tuesday.
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