Syndax Raises $250M via 2.25% Convertible Notes at $24.76 Conversion Price
SNDX•Syndax arranged a $250 million private placement of 2.25% convertible senior notes due June 15, 2031, generating about $243 million net proceeds. Notes convert at 40.3894 shares per $1,000 (initial price ~$24.76, 35% premium) and proceeds will fund R&D, working capital and commercialization.
1. Note Issuance Terms
Syndax has entered into subscription agreements for a $250 million private placement of 2.25% convertible senior notes due June 15, 2031. The sale is expected to close on June 10, 2026, subject to customary conditions, and the notes will accrue interest semiannually at 2.25%.
2. Conversion Mechanics
The notes convert at an initial rate of 40.3894 shares per $1,000 principal amount (equivalent to a $24.76 per-share conversion price, a 35% premium to recent trading). Noteholders may convert before March 15, 2031 upon specified events and at any time thereafter until maturity, with settlement in cash, shares or both at Syndax’s election.
3. Proceeds Allocation and Redemption Rights
Net proceeds of approximately $243 million will support working capital, R&D, commercialization and business development. Syndax may redeem notes for cash on or after June 20, 2029 if its share price exceeds 130% of the conversion price over a set period, and holders may demand repurchase on a fundamental change event.
