Synta Pharmaceuticals, Madrigal Announce Merger Agreement
Friday, April 15, 2016
Synta pharmaceuticals corp says will acquire all shares of madrigal in exchange for approximately 253.9 million newly issued shares of synta common stock.
Paul a. Friedman, m.d. Named chairman and chief executive officer of combined company.
Madrigal will merge with a wholly-owned subsidiary of synta in an all-stock transaction.
Says combined company will be named madrigal pharmaceuticals, and paul a. Friedman will become chairman and ceo.
Synta pharmaceuticals corp says existing synta shareholders will own 36.0% of combined company and madrigal shareholders will own 64.0%.
Synta pharmaceuticals corp says an investor syndicate has committed to invest up to $9 million in madrigal prior to closing of merger.
On completion of deal, anticipated existing synta shareholders will own 36% of combined co, madrigal shareholders to own 64.0%.
Combined company intends to use these proceeds to fund development of mgl-3196 through phase 2 clinical studies in nash, hefh and hofh.
Synta pharmaceuticals corp says transaction has been approved by boards of directors of both companies and shareholders of madrigal.
Combined co to use $9 million, with co's cash balance, to fund development of mgl-3196 through phase 2 clinical studies in nash, hefh, hofh.
Source : reuters.com
