AMYT - Chiasma surges on merger agreement with Amryt

Amryt (AMYT) has agreed to acquire Chiasma (CHMA) in an all-stock transaction following which Amryt shareholders are expected to own ~60% and Chiasma shareholders ~40% of the combined entity.Dual-listed Amryt expects $1B in peak revenue from the deal in addition to ~50M in cost synergies.Per the terms, Chiasma shareholders will receive 0.396 Amryt ADSs for each share of Chiasma common stock.In reaction to the announcement, Chiasma has risen ~40.8% while Amryt Pharma ADRs have dropped ~11.2% in the premarket.Amryt anticipates an acceleration and diversification of its topline after the deal which is expected to close in Q3 2021 subject to the approval of shareholders of both companies and other customary closing conditions.Today, Chiasma managed to beat the consensus revenue estimates with its Q1 2021 financials.

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Chiasma surges on merger agreement with Amryt