Harmony Biosciences To Acquire Zynerba Pharma For Up To $200 Mln

(RTTNews) - Harmony Biosciences Holdings Inc. (HRMY) said that it agreed to acquire Zynerba Pharmaceuticals Inc. (ZYNE), a leader in innovative pharmaceutically-produced transdermal cannabinoid therapies for orphan neuropsychiatric disorders, including Fragile X syndrome.

As per the terms of the deal, Harmony will commence a tender offer to acquire all outstanding shares of Zynerba for a purchase price of $1.1059 in cash per share, or $60 million in the aggregate payable at closing of the transaction plus one non-tradeable CVR representing the right to receive potential additional payments of up to $140 million or about $2.5444 in additional cash per share, for a total potential consideration of up to $200 million in cash.

Harmony noted that it will fund the transaction from its existing cash on hand. As of June 30, 2023, Harmony had cash, cash equivalents and investment securities of $429.6 million. Zynerba's existing cash and cash equivalent balance was about $36.0 million as of June 30, 2023.

The transaction is expected to close by the fourth quarter of 2023.