JWCA advises Syndax Pharmaceuticals on its $250 million debut convertible financing

June 2026 | read press release

Transaction Background

Syndax Pharmaceuticals, Inc. (“SNDX” or the “Company”) successfully raised $250 million in a convertible financing at attractive pricing of 2.25% coupon and 35.0% conversion premium, pricing overnight with no stock price risk to SNDX

Syndax’s objectives included:

  • Opportunistically raise growth capital at a low cost

  • Eliminate stock price risk from a day of marketing in a period of elevated market volatility

  • Partner with a syndicate of investors for long-term growth

  • Take advantage of the strong convertible market and business momentum

Syndax engaged J. Wood Capital Advisors, LLC (“JWCA”) to assist in the structuring, negotiation, documentation, and execution of this transaction

JWCA provided analysis to the company on deal structuring and related items, including:

  • Convertible structuring and decision-making

  • Execution strategy, timing, and tactics

  • Accounting and tax analysis / implications

  • Shareholder messaging and investor composition during execution

JWCA provided advice, support, and analysis throughout the execution process, and committed to support the transaction with its own capital

JWCA acted as sole placement agent, leading the marketing, pricing negotiations, and allocation of the security

Results

Syndax Pharmaceuticals was able to raise $250 million without a day of public marketing

  • The transaction received significant outright demand and was multiple times oversubscribed, resulting in pricing effectively at the company-friendly end of the marketed coupon and conversion premium range

Syndax minimized stock price risk, as the transaction was executed via a confidential marketing process, and priced overnight with convertible investors

J. Wood Capital supported the management team throughout the entirety of the offering providing valuable advice and ensuring a high-quality execution

JWCA purchased $20 million of SNDX stock to facilitate efficient execution of the transaction