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Chiasma Stock Shoots Up On Being Acquired By Amryt Pharma In All Stock Deal

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·1 min read
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  • Amryt Pharma (NASDAQ: AMYT) has agreed to acquire Chiasma Inc (NASDAQ: CHMA) in an all-stock combination. Each Chiasma shares will be exchanged for 0.396 Amryt American Depositary Shares, each representing five Amryt ordinary shares.

  • The transaction is expected to accelerate and diversify Amryt's growing revenues, and Amryt expects to deliver estimated annual cost synergies of approximately $50M.

  • Dr. Joe Wiley, Chief Executive Officer of Amryt, said, "this deal further solidifies our position as a global leader in treating rare and orphan conditions."

  • The combined business will have three approved commercial products, and the combined portfolio of products offers a pathway to a potential $1 billion of peak revenues.

  • Lead development candidate, Oleogel-S10, is currently progressing through the regulatory process in the US and EU and, if approved, will bring a portfolio of commercial products to four.

  • Management will host a webcast and conference call today at 8:30 A.M. ET.

  • Price Action: AMYT shares fell 0.31% at $12.80, CHMA shares are up 37% to $3.88 in the premarket trading session on the last check Wednesday.

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