The companies signed a definitive agreement indicating Sunovion will pay $40.50 per share in cash for Cynapsus.
Through the deal, Sunovion will gain rights to Cynapsus’ experimental drug APL-130277, intended to treat patients with Parkinson’s disease. On Monday, the Food and Drug Administration granted Fast Track designation for the drug to expedite its development and approval.
The deal is expected to close in the fourth quarter of 2016.
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