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Actionable news in CYNA: CYNAPSUS THERAPEUTICS Inc COMMON SHARES,

Sunovion Pharma to buy Canada's Cynapsus for $624 million

Sunovion Pharmaceuticals Inc, a unit of Japan's Dainippon Sumitomo Pharma Co Ltd (4506.T), said it would buy Canada's Cynapsus Therapeutics Inc (CTH.TO) (CYNA.O) 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...


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