Zynerba downgraded to Neutral from Buy at Ladenburg

Ladenburg downgraded Zynerba Pharmaceuticals (ZYNE) to Neutral from Buy without a price target after the company entered into a definitive agreement to be acquired by Harmony Biosciences (HRMY). Under the terms of the agreement, Harmony will commence a tender offer to acquire all outstanding shares of Zynerba for a purchase price of $1.1059 per share in cash, or $60M in the aggregate, plus one non-tradeable contingent value right per share, representing the right to receive potential additional payments of up to $140M in the aggregate, subject to the achievement of certain clinical, regulatory and sales milestones.