Ramius, Royalty Pharma to acquire Cypress

Cypress Bioscience Inc. (NASDAQ:CYPB) agreed to a $6.50 per share cash offer by Ramius LLC and Royalty Pharma to acquire the 90.1% of the musculoskeletal and neurology company that Ramius does not already own. On Tuesday, Cypress rejected a $6 per share cash offer by Ramius and Royalty. The new price is a 160% premium to the company's close of $2.50 on July 16, before Ramius announced an initial unsolicited offer of $4 per share. Wednesday's offer values Cypress at about $251 million based on 38.6 million shares outstanding on Nov. 5. ...