VYNE shares surge 90.51% premarket after merger with Yarrow and $200M financing for YB-101 trials.

VYNE Therapeutics Inc. surged 90.51% in premarket trading following the announcement of a definitive all-stock merger agreement with Yarrow Bioscience, forming a combined entity to trade as YARW. The merger, approved by both boards, will see VYNE shareholders receive a 3% stake in the new company and a pre-closing cash dividend of $14.5–$16.5 million. A $200 million pre-closing financing led by RTW Investments will fund operations until 2028, enabling advancement of YB-101, a first-in-class TSHR antibody targeting Graves’ disease and thyroid eye disease. The transaction, expected to close in Q2 2026, highlights strategic value creation through YB-101’s clinical development and a robust capital structure, directly driving optimism among investors.