March 26, 2015 / 3:00 PM / 4 years ago

Synergy Pharma exploring sale - Bloomberg

March 26 (Reuters) - Synergy Pharmaceuticals Inc is talking to advisers about options including the sale of the company, Bloomberg reported, citing sources.

The company’s stock was up about 10 percent at $4.21 following the report on Thursday.

The gastrointestinal drug developer, which had a market value of about $370 million on Wednesday, is exploring a sale after competitor Salix Pharmaceuticals Ltd agreed to be bought earlier in March, the report said. (bloom.bg/1M4Clcg)

Synergy spokeswoman Gem Gokmen said the company does not comment on rumors.

Synergy’s lead experimental drug, plecanatide, is undergoing development to treat irritable bowel syndrome and chronic idiopathic constipation (CIC).

The company anticipates submitting an application to market the drug to treat CIC by the end of the year. (Reporting by Natalie Grover in Bengaluru; Editing by Ted Kerr)

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