Synta Pharmaceuticals Announces $60 Million Registered Direct Common Stock Offering

  Synta Pharmaceuticals Announces $60 Million Registered Direct Common Stock
  Offering

Business Wire

LEXINGTON, Mass. -- December 13, 2012

Synta Pharmaceuticals Corp. (NASDAQ: SNTA) announced today that it has entered
into common stock purchase agreements with members of its Board of Directors
and various institutional investors for the sale of 7,000,000 shares of its
common stock in an issuer directed, registered direct offering. Shares were
priced at $8.60, the consolidated closing bid price as of December 12, 2012,
for gross proceeds of approximately $60 million. No underwriter or placement
agent was used in this transaction. The offering is expected to close on or
about December 18, 2012, subject to satisfaction of customary closing
conditions.

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. When available, copies of the final
prospectus supplement and accompanying base prospectus relating to this
offering may be obtained directly from the Company at 45 Hartwell Avenue,
Lexington, Massachusetts 02421, Attn: Investor Relations (781-274-8200) or
from the website of the Securities and Exchange Commission at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy any securities of Synta Pharmaceuticals Corp. nor shall
there be any sale of securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction.

About Synta Pharmaceuticals

Synta Pharmaceuticals Corp. is a biopharmaceutical company focused on
discovering, developing, and commercializing small molecule drugs to extend
and enhance the lives of patients with severe medical conditions, including
cancer and chronic inflammatory diseases. Synta has a unique chemical compound
library, an integrated discovery engine, and a diverse pipeline of clinical-
and preclinical-stage drug candidates with distinct mechanisms of action and
novel chemical structures. All Synta drug candidates were invented by Synta
scientists using our compound library and discovery capabilities.

Safe Harbor Statement

This media release may contain forward-looking statements about Synta
Pharmaceuticals Corp., including, but not limited to, statements relating to
the expected timing of closing of the offering, the expected proceeds from the
offering and the expected use of the proceeds from the offering. Such
forward-looking statements can be identified by the use of forward-looking
terminology such as “will”, “would”, “should”, “expects”, “anticipates”,
“intends”, “plans”, “believes”, “may”, “estimates”, “predicts”, “projects”, or
similar expressions intended to identify forward-looking statements. Such
statements, reflect our current views with respect to future events and are
based on assumptions and subject to risks and uncertainties that could cause
actual results to differ materially from those expressed or implied by such
forward-looking statements, including those described in “Risk Factors” of our
Form 10-K for the year ended December 31, 2011 as filed with the Securities
and Exchange Commission. Synta undertakes no obligation to publicly update
forward-looking statements, whether because of new information, future events
or otherwise, except as required by law.

Contact:

Investor Relations
Synta Pharmaceuticals Corp.
George Farmer, 781-541-7213
gfarmer@syntapharma.com