Chiasma Stock Shoots Up On Being Acquired By Amryt Pharma In All Stock Deal

Amryt Pharma AMYT has agreed to acquire Chiasma Inc CHMA in an all-stock combination. Each Chiasma shares will be exchanged for 0.396 Amryt American Depositary Shares, each representing five Amryt ordinary shares.
The transaction is expected to accelerate and diversify Amryt's growing revenues, and Amryt expects to deliver estimated annual cost synergies of approximately $50M.
Dr. Joe Wiley, Chief Executive Officer of Amryt, said, "this deal further solidifies our position as a global leader in treating rare and orphan conditions."
The combined business will have three approved commercial products, and the combined portfolio of products offers a pathway to a potential $1 billion of peak revenues.
Lead development candidate, Oleogel-S10, is currently progressing through the regulatory process in the US and EU and, if approved, will bring a portfolio of commercial products to four.
Management will host a webcast and conference call today at 8:30 A.M. ET.
Price Action: AMYT shares fell 0.31% at $12.80, CHMA shares are up 37% to $3.88 in the premarket trading session on the last check Wednesday.