Bruised Syros scores $130M PIPE from marquee group — while grabbing $60M cash from all-stock merger
Amid a bear market that’s denting biotech share prices everywhere, raising cash sometimes takes a bit of creative thinking. Just ask Syros Pharmaceuticals.
The Cambridge, MA-based biotech, whose shares have plummeted into penny stock territory, is looking to bring in $190 million in a bifurcated move: First, it’s merging with struggling TYME Technologies, a deal that should yield about $60 million in cash. Concurrently, a group of investors that includes Flagship, Bain and others will back a $130 million private investment in public equity (PIPE) financing.
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