Toronto-based Cynapsus Therapeutics to be bought by Sunovion for $820 million
Posted August 31, 2016 6:24 pm.
Last Updated August 31, 2016 7:43 pm.
This article is more than 5 years old.
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.