Sunovion plans $624M Canadian acquisition
Contributed
Nobuhiko Tamura, chairman and CEO of Sunovion
Marlborough drugmaker Sunovion Pharmaceuticals has agreed to acquire Toronto-based Cynapsus Therapeutics for $624 million sometime in the fourth quarter.
The deal first announced last week centers on Cynapsus proposed drug to treat Parkinson’s disease, specifically the so-called off episodes where the brain’s dopamine levels fall below critical levels to maintain motor function, according to Sunovion.
“Parkinson’s disease is a chronic, progressive neurodegenerative disease that affects more than four million people around the world, and there is a significant need for new options to treat the off episodes associated with it,” said Nobuhiko Tamura, chairman and CEO of Sunovion. Cynapsus’ drug “is a novel late-stage candidate with the potential to make a real difference for patients and their families.”
Sunovion plans to fund the deal with its cash on hand, according to the company.
In order for the sale to be approved, two-thirds of Cynapsus’ shareholders must sign off on the deal, under the regulations of the Canada Business Corporations Act. The shareholders are set to receive $40.50 per share.
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