Syndax Pharma falls on $200 mln stock offering

Syndax Pharmaceuticals

15/12/2023 12:41

** Shares of Syndax Pharmaceuticals  SNDX.O  down 4.6% at
$18.97 before the bell after co raises equity
    ** Co late Thurs announced pricing of ~10.8 mln shares at
$18.50 for $200 mln raise
    ** Offering size boosted from $150 mln upon launch, prices
at 6.9% discount to stock's Thurs close
    ** SNDX shares had gained ~19% this week in wake of co
presenting encouraging data in Phase II trial for its leukemia
drug at the annual ASH (American Society of Hematology)
conference
    ** Co has ~69.64 mln shares outstanding for $1.4 bln market
cap
    ** Through Thurs close, shares down ~22% YTD and off 33%
from record intra-day high of $29.86 hit in early Feb this year
    ** Goldman Sachs, J.P. Morgan, TD Cowen and Stifel jt
bookrunners for stock offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))