TYME Technologies Shares Surge On Merger Agreement With Syros Pharma

  • 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.
Market News and Data brought to you by Benzinga APIs
Posted In: BiotechM&ANewsPenny StocksHealth CareMoversTrading IdeasGeneralBriefswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!