Synta merges with Madrigal Pharma and will focus on MGL 3196 for NASH and familial hypercholesterolemia

Synta Pharmaceuticals Corp. and Madrigal Pharmaceuticals,Inc., a privately-held company announced that they have entered into a definitive merger agreement under which Madrigal will merge with a wholly-owned subsidiary of Synta in an all-stock transaction. The merger will create a company focused on the development of novel small-molecule drugs addressing major unmet needs in cardiovascular-metabolic diseases and non-alcoholic steatohepatitis (NASH). Madrigal�s lead compound, MGL-3196, is a Phase II-ready once-daily, oral, liver-directed selectiv thyroid hormon receptor-beta agonist for the treatment of NASH and heterozygous and homozygous familial hypercholesterolemia (HeFH, HoFH). Upon closing of the transaction, the combined company will be named Madrigal Pharmaceuticals. Current Synta programs around ganetespib are discontinued.