Why Zynerba Pharmaceuticals Stock Is Skyrocketing Today?

Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) shares are skyrocketing Monday after Harmony Biosciences (NASDAQ:HRMY) announced it will acquire the company for $200 million.

What To Know:

Harmony Biosciences Holdings will acquire all outstanding shares of Zynerba for a purchase price of $1.1059 per share in cash, or $60 million in the aggregate, plus one non-tradeable contingent value right (CVR) per share, representing the right to receive potential additional payments of up to $140 million in the aggregate.

"Harmony's development and commercial expertise, technologies, people and focus on rare neurological diseases are an excellent strategic fit with Zynerba," said Armando Anido, CEO of Zynerba. "I am very proud of Zynerba's accomplishments with Zygel to date. With Harmony's scale, resources and proven commercial excellence, they are well positioned to potentially bring to market the first pharmaceutical product indicated for the treatment of behavioral symptoms of Fragile X syndrome and to maximize the value of Zygel."

Shares of ZYNE are moving higher on very heavy trading volume. According to data from Benzinga Pro, more than 11 million shares have already been traded in the session, far surpassing the stock's 100-day average of 194,930 shares.

Zynerba is a pharmaceutical company focused on the development of synthetic cannabinoid therapeutics formulated for transdermal delivery. Its product pipeline consists of Zygel which is a pharmaceutically-produced CBD, a non-euphoric cannabinoid, formulated as a patent-protected permeation-enhanced gel for transdermal delivery through the skin.

ZYNE Price Action: According to Benzinga Pro, Zynerba shares are up by more than 280% at $1.29 at the time of publication.

Image: geralt from Pixabay

HRMYHarmony Biosciences Holdings Inc

$35.32-%

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