Biotech Cyteir’s Drug Flop Turns Into Boon for Investors on Cash Return
- Cyteir to dissolve after drug failed to meet bar for efficacy
- Company’s stock has been trading below its cash value
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A little-known biotech company, Cyteir Therapeutics Inc., notched its best day ever — on the back of plans to dissolve the company.
Shares of the drug developer surged 35% on Friday, the stock’s biggest one-day jump on record, after announcing plans to sell all its assets and return its remaining cash to shareholders.