Sunovion Pharmaceuticals Inc. is acquiring Cynapsus Therapeutics Inc. (Nasdaq: CYNA) (TSX: CTH) for about $624 million, as Sunovion moves to expand in neurology and other key therapeutic areas. As a part of the deal, Sunovion will acquire a treatment under development for Parkinson’s disease.
Sunovion, based in Marlborough, Massachusetts, is a global biopharmaceutical company focused on treatments for psychiatric, neurological and respiratory conditions. The company is a subsidiary of Sumitomo Dainippon Pharma Co., a top 10 pharmaceutical company in Japan. Cynapsus is a specialty central nervous system pharmaceutical company based in Toronto. The companies expect to close the deal in the fourth quarter.