Synergy Collapse Due To Toxic CRG Loan Sends Shockwaves Throughout Biotech Sector [Seeking Alpha]
SYNERGY PHARMACEUTICALS (SGYP)
Last synergy pharmaceuticals earnings: 11/8 05:00 pm
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US:NASDAQ Investor Relations:
ir.synergypharma.com
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Source: Seeking Alpha
Summary Perhaps one of the most negative developments that have happened this year on the biotech sector has been the collapse of once an industry darling: Synergy Pharmaceuticals ( SGYP ). The implications for the industry are far-reaching. As we have seen, one of the worst selloffs in biotechs has occurred in recent weeks since Synergy's October 25 announcement that it had failed to come to an agreement with CRG to amend its financial, market cap and sales targets. CRG, a lender that I once mistakenly called flexible on one of my articles has shown that it's willing to do whatever it takes to take control of companies they lend money to. We still have to see what the final outcome of the Synergy situation is and perhaps we will be proven wrong, but investors are already fearing one of the worst dilutions ever seen on a biotech company or an outright forced bankruptcy to force the sale of the company. The situation looks very similar to a lend-to-own loan scheme. C
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