Zynerba surges on buyout by Harmony Biosciences

Zynerba Pharmaceuticals

14/08/2023 15:54

(Updates)
    ** Shares of drug developer Zynerba Pharmaceuticals  ZYNE.O 
rise over three-fold, to $1.25 
    ** Stock set to hit near one-year high, if gains hold
    ** Drugmaker Harmony Biosciences  HRMY.O  says it will
acquire ZYNE for $1.11 per share    
    ** Deal gives HRMY access to ZYNE's lead candidate being
developed for Fragile X syndrome 
     ** Fragile X syndrome is a genetic condition that causes a
range of developmental problems, including learning disabilities
and cognitive impairment
    ** The drug candidate, zygel, is a cannabidiol-based gel
formulation being developed to treat FXS as well as 22q deletion
syndrome, a disorder caused by the deletion of a small piece of
Chromosome 22 - HRMY  
    ** Under the deal, ZYNE is eligible to receive up to $140
mln in milestone payments - HRMY  
    ** Including session gains, ZYNE shares more than doubled
this year

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))