Sunovion Pharmaceuticals Inc, a unit of Japan's Dainippon Sumitomo Pharma Co Ltd (), said it would buy Canada's Cynapsus Therapeutics Inc () () for about $624 million.
The price of the Canadian drugmaker's U.S.-listed shares hit $40 in extended trading on Wednesday, more than double the closing price of $18.36. The announced purchase price of $40.50 per share in cash was a 120.5 percent premium over that closing price.
Through the deal, Sunovion will...
More