Toronto-based Cynapsus Therapeutics to be bought by Sunovion for $820 million

By The Canadian Press

TORONTO – Toronto-based Cynapsus Therapeutics Inc. is being purchased by Sunovion Pharmaceuticals Inc. for approximately CAN$820 million cash.

By acquiring Cynapsus, U.S.-based Sunovion said it would expand and diversify its portfolio of products in key therapeutic areas, including neurology.

Cynapsus (TSX: CTH) is a specialty central nervous system pharmaceutical company.

Through the deal, Sunovion said it would acquire Cynapsus’s novel Parkinson’s Disease drug APL-130277, which is currently being studied in ongoing clinical trials.

Pending the completion of successful clinical trials, Sunovion said APL-130277 would be submitted to the U.S. Food and Drug Administration for approval.

Both companies jointly announced the acquisition is expected to close in the fourth quarter of 2016.

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