Sunovion to buy Cynapsus Therapeuticals for 120% premium
Sunovion Pharmaceuticals Inc. said late Wednesday it has agreed to buy Cynapsus Therapeuticals Inc. for $40.50 a share in an all-cash deal that values the Toronto-based Cynapsus at $624 million and represents a 120% premium over Cynapsus' close of $18.36 on Wednesday. Both companies' board of directors have approved the acquisition, expected to close this fall, the companies said in a statement. Cynapsus is testing medication to treat Parkinson's disease and "pivotal" clinical trials are underway, the company said on its website. Shares of Cynapsus closed at 0.3% higher on Wednesday.
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