Syndax Pharmaceuticals (SNDX), a commercial-stage biopharmaceutical company, on Thursday reported entering a privately negotiated subscription agreement.
The agreement confirms the issuance of a $250 million aggregate principal amount of 2.25% convertible senior notes, due 2031.
The notes will accrue an interest rate of 2.25% payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2026.
The conversion rate will be 40.3894 shares of common stock per $1,000 principal amount of notes, equivalent to $24.76 per share.
The notes are redeemable on or after June 20, 2029, and will mature on June 15, 2031.Sale of the notes is expected to close on June 10, 2026.
Net proceeds from the private placement are estimated to be $243 million. The company plans to utilize proceeds in general corporate purposes, including working capital, research and development, commercialization activity and business development expenditures.
J. Wood Capital Advisors LLC is acting as the sole placement agent.
SNDX is currently trading at $17.99, down 1.94%.
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