Zynerba near triples on news of takeover by Harmony Biosciences

15 August 2023

US developer of rare neurological drugs Harmony Biosciences (Nasdaq: HRMY) on Monday revealed it has reached a definitive agreement to acquire Zynerba Pharmaceuticals (Nasdaq: ZYNE).

Zynerba, a leader in innovative pharmaceutically-produced transdermal cannabinoid therapies for orphan neuropsychiatric disorders, including Fragile X syndrome (FXS) saw its shares skyrocket up around 286% to $1.31 per share, after closing Friday’s session at 34 cents a share – which previously gave it a market capitalization of just $18.2 million prior to the Harmony news.

Zynerba's lead asset, Zygel, is the first and only pharmaceutically manufactured, synthetic cannabidiol, a non-euphoric cannabinoid, formulated as a patent-protected permeation-enhanced gel for transdermal delivery through the skin and into the circulatory system for the treatment of behavioral symptoms of Fragile X syndrome.

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