PLYMOUTH
MEETING, Pa. , Sept. 27,
2023 /PRNewswire/ -- In connection with the
previously announced merger agreement, Harmony Biosciences
Holdings, Inc. ("Harmony") (Nasdaq: HRMY), today announced that
Xylophone Acquisition Corp., a wholly owned subsidiary of Harmony,
has extended the expiration of its tender offer to acquire all of
the outstanding shares of common stock of Zynerba Pharmaceuticals,
Inc. ("Zynerba") (Nasdaq: ZYNE) to 5:00
p.m., New York City time,
on Tuesday, October 10, 2023, unless
further extended. The tender offer was previously scheduled to
expire at 5:00 p.m., New York City time, on Tuesday, September 26, 2023. All other terms and
conditions of the tender offer remain unchanged.
The depositary for the tender offer has advised that, as of
5:00 p.m., New York City time, on Tuesday, September 26, 2023, a total of
17,298,313 shares of Zynerba's common stock were validly tendered
and not withdrawn in the tender offer, which represent
approximately 32.1% of the total number of shares of Zynerba's
outstanding common stock.
About Harmony Biosciences
At Harmony Biosciences, we
specialize in developing and delivering treatments for rare
neurological diseases that others often overlook. We believe that
where empathy and innovation meet, a better life can begin for
people living with neurological diseases. Established by Paragon
Biosciences, LLC, in 2017 and headquartered in Plymouth Meeting, PA, our team of experts from
a wide variety of disciplines and experiences is driven by our
shared conviction that innovative science translates into
therapeutic possibilities for our patients, who are at the heart of
everything we do. For more information, please visit
www.harmonybiosciences.com.
Forward Looking Statements
This press
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. All
statements contained in this press release that do not relate to
matters of historical fact should be considered forward-looking
statements. These forward-looking statements, including as they
relate to Harmony and Zynerba, the anticipated occurrence, manner
and timing of the proposed transaction, the future development of
their technologies and product candidates, including the
development of and market opportunities for Zynerba's technology
and product candidates, the future value (if any) of the contingent
value rights, Harmony's strategy, and the anticipated synergies and
benefits from the proposed transaction, are neither promises nor
guarantees, but involve known and unknown risks, uncertainties and
other important factors that may cause actual results, performance
or achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Potential risks, uncertainties and
other factors to be considered include, among others, that Zynerba
stockholders may not tender a sufficient number of shares in the
tender offer; the length of time necessary to consummate the
proposed transaction may be longer than anticipated, or it may not
be consummated at all; problems may arise in successfully
integrating the business and technologies of Harmony and Zynerba,
and Harmony may not realize the expected benefits of the proposed
transaction; the proposed transaction may involve unexpected costs;
the businesses may suffer as a result of uncertainty surrounding
the proposed transaction, including difficulties in maintaining
relationships with third parties or retaining key employees; and
even if the transaction is consummated no contingent consideration
may become payable. For further discussion of these and other
risks and uncertainties, see Harmony's and Zynerba's most recent
Form 10-K and Form 10-Q filings with the United States Securities
and Exchange Commission (the "SEC"), including under the headings
"Risk Factors." You are cautioned to not place undue reliance on
forward-looking statements, which speak only as of the date of this
document. Except as required by law, neither Harmony nor Zynerba is
under any duty to update any of the information in this
document.
Additional Information about the Acquisition and Where to
Find It
This document is for informational purposes only and
is neither an offer to purchase nor a solicitation of an offer to
sell shares of Zynerba, nor is it a substitute for the tender offer
materials that Harmony and Xylophone Acquisition Corp. filed with
the SEC upon commencement of the tender offer. Harmony and
Purchaser initially filed tender offer materials on Schedule TO on
August 28, 2023, and Zynerba
initially filed a Solicitation/Recommendation Statement on Schedule
14D-9 with the SEC with respect to the tender offer on August 28, 2023. Holders of shares of Zynerba
common stock are urged to read the tender offer materials
(including an Offer to Purchase, a related Letter of Transmittal
and certain other tender offer documents) and the
Solicitation/Recommendation Statement (as each may be amended or
supplemented from time to time) because they will contain important
information that holders of shares of Zynerba common stock should
consider before making any decision regarding tendering their
shares. The Offer to Purchase, the related Letter of Transmittal
and certain other tender offer documents, as well as the
Solicitation/Recommendation Statement, have been available to all
holders of shares of Zynerba at no expense to them. The tender
offer materials and the Solicitation/Recommendation Statement are
available for free at the SEC's website at www.sec.gov. In
addition, these materials are at no charge on the Enhanced SEC
Filings section of the Investor Relations page of Zynerba's website
at https://www.zynerba.com/ and by directing a request to the
information agent for the tender offer, whose information will be
set forth in the Offer to Purchase.
Harmony Biosciences Investor Contact:
Luis Sanay, CFA
445-235-8386
lsanay@harmonybiosciences.com
Harmony Biosciences Media Contact:
Cate McCanless
202-641-6086
cmccanless@harmonybiosciences.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/harmony-biosciences-announces-extension-of-tender-offer-to-acquire-zynerba-pharmaceuticals-inc-301939785.html
SOURCE Harmony Biosciences