BioCentury
ARTICLE | Top Story

Sunovion to acquire Cynapsus for $624M

August 31, 2016 7:00 AM UTC

The Sunovion Pharmaceuticals Inc. unit of Sumitomo Dainippon Pharma Co. Ltd. (Tokyo:4506) announced after market close Wednesday that it will acquire neurology company Cynapsus Therapeutics Inc. (TSX:CTH; NASDAQ:CYNA) for about $624 million in cash. Sunovion is paying $40.50 per share, which is a 121% premium to Cynapsus' Wednesday NASDAQ close of $18.36.

Last month, Cynapsus' APL-130277 met the primary endpoint in the Phase III CTH-300 study to treat "off" episodes in Parkinson's disease. At the time, the company said it planned to submit an NDA to FDA for the candidate in 1H17 (see BioCentury Extra, July 19). ...