(24/7 MARKET NEWS) — Syros Pharmaceuticals (NASDAQ:SYRS) and TYME Technologies, Inc. (NASDAQ:TYME) jointly announced, this morning, that the two companies entered into a definitive merger agreement in which Syros will acquire TYME and trade on Nasdaq under the ticker symbol “SYRS”.
Syros further announced, concurrent with the merger, an oversubscribed $130 million private investment in public equity (PIPE) financing at a price per unit of $0.94.
Syros is trading at $0.94, up $0.03 (+3.37%), on 27,352 shares, while TYME is at $0.38, 11 cents higher (+39.75%), on 5,073,979 premarket shares.
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CAMBRIDGE, Mass. & BEDMINSTER, N.J., July 05, 2022–(BUSINESS WIRE)–Syros Pharmaceuticals (NASDAQ:SYRS), a leader in the development of medicines that control the expression of genes, and TYME Technologies, Inc. (NASDAQ:TYME), today announced that the companies have entered into a definitive merger agreement pursuant to which Syros will acquire TYME, including its pipeline assets and net cash at closing which after accounting for wind-down and transaction expenses is currently estimated to be approximately $60 million. The combined company will trade on Nasdaq under the ticker symbol “SYRS” and will be led by Syros’ existing management team, including Nancy Simonian, M.D., Chief Executive Officer of Syros, and will remain focused on advancing Syros’ pipeline of small molecule medicines for the treatment of cancer.