Syros leaps after shareholders approve merger with TYME

Syros Pharmaceuticals

16/09/2022 12:34

** Shares of Syros Pharmaceuticals  SYRS.O , drug developer
for cancer and genetic diseases, soar nearly 11% to 81 cents
premarket
    ** On Thursday, co received shareholder approval for merger
with cancer research-focused biotech TYME Technologies  TYME.O 
 urn:newsml:reuters.com:*:nBw1X0VCda
    ** SYRS says its CEO, Nancy Simonian, will head the combined
company after merger closes today
    ** SYRS also approves a 1 for 10 reverse stock split,
reducing outstanding common stock from 63 million to 6.3 million
    ** Co says shareholders who end up with ownership of
fractional shares would be entitled to a cash payment instead
    ** All 6 brokerages covering the stock rate it "buy" or
higher; their median PT is $6 - Refinitiv data
    ** Stock has fallen 78% YTD, as of last close

 (Reporting by Anirban in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com))