Sumitomo Dainippon Pharma’s U.S. Subsidiary Sunovion Pharmaceuticals Completes Acquisition of Cynapsus Therapeutics Inc.
Monday, October 24, 2016
Sumitomo Dainippon Pharma Co., Ltd. announced today that its wholly-owned subsidiary Sunovion Pharmaceuticals, Inc. “Sunovion” has completed the acquisition of Cynapsus Therapeutics Inc.
Sunovion has acquired as of October 21, 2016 (U.S. Eastern Time) all of the outstanding common shares (13,520,414 shares) and warrants of Cynapsus. As of October 21, 2016, Cynapsus has become a wholly-owned subsidiary of Sunovion and trading of Cynapsus common stock on NASDAQ and TSX have ceased. The total value for the acquisition representing aggregate amount payable for the acquisition of common shares, warrants and stock options, is approximately US$ 635 million.
Through this transaction, Sumitomo Dainippon Pharma group has acquired Cynapsus’ Phase 3 product candidate APL-130277 (a novel formulation of apomorphine) for Parkinson’s disease. The acquisition expands its Psychiatry & Neurology portfolio, one of its key therapeutic areas. Sumitomo Dainippon Pharma group expects that a New Drug Application (NDA) for APL-130277 will be submitted to the U.S. Food and Drug Administration (FDA) during the first half of FY2017 (April to September in 2017).
The outline of this acquisition was disclosed in the announcement “Sumitomo Dainippon Pharma’s U.S. Subsidiary Sunovion to Acquire Cynapsus Therapeutics Inc. (Canadian Specialty Central Nervous System Biotechnology Company)” made on September 1, 2016.
Source : ds-pharma.com
