Thu, Apr. 14, 7:35 AM
- Synta Pharmaceuticals (NASDAQ:SNTA) and privately held Madrigal Pharmaceuticals agree to merge in an all-stock transaction. Under the terms of the agreement, Synta will acquire all of the outstanding shares of Madrigal in exchange for ~253.9M newly issued shares of Synta common stock. Madrigal shareholders will own 64% of the combined company while Synta shareholders will own 36%. The deal should close by the end of Q3. The post-deal firm will do business as Madrigal Pharmaceuticals.
- Synta board member and former Incyte CEO Paul Friedman, M.D., will serve as Chairman and CEO. Madrigal Founder and CEO Rebecca Taub, M.D. will serve as Chief Medical Officer and EVP, R&D. Synta SVP and CFO Marc Schneebaum will continue as CFO.
- The marriage will create a company focused on cardiovascular-metabolic diseases and non-alcoholic steatohepatitis (NASH). Madrigal's lead product candidate is Phase 2-stage MGL-3196, a once-daily, oral, liver-directed selective thyroid hormone receptor-beta agonist for the treatment of NASH and heterozygous and homozygous familial hypercholesterolemia.
- The companies will host a conference call this morning at 8:30 am ET to discuss the merger.
- Update: On July 22, the companies announced the completion of the merger.
Nov. 5, 2015, 6:00 PM
- Synta Pharmaceuticals (NASDAQ:SNTA): Q3 EPS of -$0.13 beats by $0.03.
- Shares -4.6% AH.
Oct. 21, 2015, 12:49 PM
Oct. 21, 2015, 9:15 AM
Oct. 20, 2015, 7:40 PM
- Synta Pharmaceuticals (NASDAQ:SNTA) has tumbled 19.1% after hours, as it's announced it's terminating the Phase 3 GALAXY-2 trial of ganetespib and docetaxel, for ineffectiveness in treating some lung cancers.
- The study's data monitoring committee concluded that the combined treatment was unlikely to show a statistically significant improvement in survival compared to docetaxel alone.
- The "disappointing" outcome shows the challenge of treating lung cancer in a second-line setting, says CEO Chen Schor.
- Synta is still supporting enrollment in four other large studies combining ganetespib with other treatments.
- The company will hold a conference call to discuss the trial tomorrow at 8 a.m. ET.
Aug. 6, 2015, 7:02 AM
- Synta Pharmaceuticals (NASDAQ:SNTA): Q2 EPS of -$0.15 beats by $0.03.
May 7, 2015, 10:38 AM
- Snyta Pharmaceuticals (SNTA +3.1%) Q1 results: Revenues: $0; R&D Expense: $16.2M (-8.0%); SG&A: $4.2M (-20.8%); Operating Loss: ($20.3M) (+11.4%); Net Loss: ($20.7M) (+12.3%); Loss Per Share: ($0.19) (+32.1%); Quick Assets: $76.6M (-21.6%).
- 2015 Guidance: Cash resources of approx. $76.6M will be sufficient to fund operations at least through the first half of 2016.
May 7, 2015, 7:01 AM
- Synta Pharmaceuticals (NASDAQ:SNTA): Q1 EPS of -$0.19 beats by $0.01.
Apr. 27, 2015, 8:20 AM
- Synta Pharmaceuticals (NASDAQ:SNTA) appoints EVP and COO Chen Schor as President & CEO effective May 7. He succeeds Anne Whitaker who is departing for a position with another company.
Apr. 16, 2015, 9:12 AM
Apr. 15, 2015, 5:35 PM
Apr. 6, 2015, 11:49 AM
Apr. 1, 2015, 5:39 PM
Mar. 31, 2015, 12:45 PM
Mar. 31, 2015, 11:10 AM
Mar. 31, 2015, 9:13 AM