Will it? MSSQL and Sybase diverged somewhere around 27 years ago; anything that Sybase and Microsoft did differently since then would likely be completely incompatible.
As someone who converted a 400'000+ LoC Sybase SQL codebase to Microsoft SQL Server about 5-6 years ago, they did diverged since around 2000, but not by a lot. We ended up with a codebase that could support both Sybase and MSSQL, where when differences occurred, we essentially used compiler directives, which wasn't that often.