Sunovion Pharmaceuticals completes acquisition of Cynapsus Therapeutics
Sunovion Pharmaceuticals Inc. (“Sunovion”) and Cynapsus Therapeutics Inc. (“Cynapsus”) announced that Sunovion has completed, through its wholly owned subsidiary, Sunovion CNS Development Canada ULC (the “Purchaser”), the previously announced acquisition of Cynapsus (the “Acquisition”).
The Acquisition is aligned with Sunovion’s global strategy to expand and diversify its portfolio in key therapeutic areas, including neurology. Sunovion intends to advance the clinical development program for a novel formulation of apomorphine (“APL-130277”), which is a product candidate designed to be a fast-acting, easy-to-use, sublingual thin film for the on-demand management of OFF episodes associated with Parkinson’s disease (“PD”).
“OFF episodes impair the ability to move and maintain normal activities and are often highly distressing to people with Parkinson’s disease,” said Nobuhiko Tamura, Chairman and Chief Executive Officer, Sunovion. “We look forward to the completion of the clinical development program for the sublingual formulation of apomorphine, which, if approved, will be an important treatment option for OFF episodes associated with Parkinson’s disease. Sunovion’s acquisition of Cynapsus reinforces our vision to lead the way to a healthier world and our commitment to patients who are at the center of everything we do.”
In connection with the Acquisition, the Purchaser acquired 13,520,414 Shares and 1,885,452 Warrants, representing 100% of the outstanding Shares and Warrants, respectively. Holders of Shares received US$40.50 (or approximately CAD$53.62) in cash per Share and holders of Warrants received US$40.50 (or approximately CAD$53.62) in cash per Warrant, less the exercise price of such Warrant. The Acquisition values Cynapsus (including all Shares, Warrants and stock options of Cynapsus) at approximately US$635 million (or approximately CAD$841 million). As a result of the Acquisition, Cynapsus has become a wholly-owned subsidiary of Sunovion and the common shares of Cynapsus will cease to be traded on the NASDAQ Stock Market and Toronto Stock Exchange.
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