VYNE shares surge 49.14% intraday after merger with Yarrow, securing $200M funding for YB-101 development.

VYNE Therapeutics Inc. surged 49.14% intraday following the announcement of a definitive merger agreement with Yarrow Bioscience, creating a combined entity focused on advancing YB-101, a potentially first-in-class anti-TSHR antibody for Graves’ disease and thyroid eye disease. The all-stock transaction, backed by $200 million in pre-closing financings from healthcare investors including RTW Investments, provides the combined company with capital to fund operations through 2028 and initiate U.S. trials for YB-101 in 2026. Additionally, VYNE shareholders will receive a $14.5–$16.5 million cash dividend, addressing immediate value creation while positioning the firm to leverage YB-101’s clinical pipeline. The merger, approved by both boards and expected to close in Q2 2026, signals strategic alignment with high-unmet-need autoimmune thyroid disorders, driving optimism among investors.