Cynapsus Therapeutics Acquired by Sunovion Pharmaceuticals for C$841 million
On October 21, 2016, Sunovion Pharmaceuticals (Sunovion), a global biopharmaceutical company, and Cynapsus Therapeutics Inc. (Cynapsus), a specialty central nervous system pharmaceutical company, announced that Sunovion has completed its acquisition of Cynapsus through a plan of arrangement. Under the terms of the transaction, shareholders of
Cynapsus received US$40.50 per common share in cash and holders of warrants and stock options received a cash payment equal to the difference between US$40.50 and the exercise price of such warrant or stock option, valuing Cynapsus at approximately US$635 million (or approximately C$841 million).
As a result of the transaction, Sunovion acquired Cynapsus’ product candidate, APL-130277, which has been designed to be a fast-acting, easy-to-use, on-demand treatment option for managing OFF episodes associated with Parkinson’s disease.
Fasken Martineau advised the Cynapsus Special Committee, which was formed to evaluate transaction proposals received by Cynapsus and oversee the negotiation of the transaction, with a team that included Tracy Hooey, Bradley Freelan, Jesse Bertollo and David Steinhauer.