Con­sti­pa­tion drug mak­er Syn­er­gy looks to rene­go­ti­ate bloat­ed loan agree­ment — shares tum­ble

Grap­pling with the slow up­take of its con­sti­pa­tion drug Tru­lance, Syn­er­gy Phar­ma­ceu­ti­cals $SGYP has prac­ti­cal­ly thrown in the tow­el say­ing that it does not an­tic­i­pate re­ceiv­ing any takeover of­fers that sit well with its cur­rent mar­ket val­ue and is thus hop­ing to rene­go­ti­ate its hefty loan agree­ment.

Two years pri­or to the ap­proval and launch of Tru­lance in 2017, Syn­er­gy said, it was eval­u­at­ing strate­gic op­tions, in­clud­ing part­ner­ships and a sale. Hav­ing re­ceived no of­fers that met its ex­pec­ta­tions, the New York-based drug­mak­er elect­ed to go it alone. This May, how­ev­er, Syn­er­gy said it was un­der­go­ing a strate­gic re­view and in par­al­lel try­ing to rene­go­ti­ate its term loan agree­ment with CRG, which was an­nounced in Sep­tem­ber 2017 as $300 mil­lion in debt fi­nanc­ing struc­tured as se­nior se­cured loans.

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