Synta Pharmaceuticals announces pricing of public offering of shares

Synta Pharmaceuticals Corp. (NASDAQ: SNTA), a biopharmaceutical company focused on discovering, developing, and commercializing small molecule drugs to treat severe medical conditions, today announced the pricing of an underwritten public offering of 5,555,556 shares of its common stock at a price to the public of $4.50 per share for gross proceeds of approximately $25 million.

After underwriting discounts and commissions and estimated offering expenses payable by us, Synta expects to receive net proceeds of approximately $23.1 million. Synta has also granted the underwriters a thirty-day option to purchase up to an additional 833,333 shares to cover over-allotments, if any, which would result in additional net proceeds of approximately $3.5 million if exercised in full. The offering is expected to close on or about January 13, 2010, subject to satisfaction of customary closing conditions.

Lazard Capital Markets LLC is acting as sole book-running manager for the offering and RBC Capital Markets Corporation is acting as co-manager.

The net proceeds from the offering will be used to fund Synta’s operations, including, research and development, clinical trials, manufacturing, intellectual property protection and enforcement, and working capital, and for other general corporate purposes.

The securities described above are being offered by Synta Pharmaceuticals pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission. The securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. Copies of the final prospectus supplement and accompanying base prospectus relating to this offering may be obtained from Lazard Capital Markets LLC in connection with this offering or to obtain any of the above-mentioned prospectuses at 30 Rockefeller Plaza, 60th Floor, New York, NY 10020 or via telephone at (800) 542-0970.