Syndax Pharmaceuticals said it has struck private subscription agreements for $250 million of 2.25% convertible senior notes due 2031, a financing expected to net about $243 million after fees and expenses.
The notes are due June 15, 2031 and will begin paying interest on Dec. 15, 2026, with semiannual payments thereafter. Syndax said the initial conversion rate is 40.3894 shares per $1,000 principal amount, implying an initial conversion price of about $24.76 a share, roughly 35% above the company’s June 3 closing price.
The company said the notes cannot be redeemed before June 20, 2029. After that date, Syndax may redeem the notes if its stock trades at least 130% of the conversion price for at least 20 trading days during a 30-day period. If a fundamental change occurs, noteholders can require repurchase at 100% of principal plus accrued interest.
Syndax said it plans to use the proceeds for general corporate purposes, including working capital, research and development, commercialization and business development. The placement is expected to close June 10, 2026.
The financing adds to a balance sheet that will now include $250 million of new senior unsecured debt, with $243 million in expected net cash proceeds. As a result of these announcements, the company's shares have moved -1.45% on the market, and are now trading at a price of $18.075. Check out the company's full 8-K submission here.
