Troutman Sanders Advises on Leading Canadian Pharmaceutical Closing
ATLANTA – Oct. 21, 2016 – Sunovion Pharmaceuticals Inc., a unit of Japan's Dainippon Sumitomo Pharma Co. Ltd., has closed on its acquisition of Canada’s Cynapsus Therapeutics Inc. for approximately U.S. $635 million, (approximately CAD $841 million) in an all cash transaction today. Troutman Sanders provided legal counsel to Cynapsus throughout the deal.
As a part of the deal, Sunovion acquired Cynapsus’ drug candidate, APL-130277, which is designed to be a fast acting, easy-to-use, on-demand treatment option for managing OFF episodes associated with Parkinson’s disease.
Troutman Sanders has been mentioned in the press numerous times in the past several months as the pending acquisition generated multiple news stories including articles in Business Wire, Reuters, Boston Business Journaland The Boston Globe .
Troutman Sanders was also legal advisor to Tribute Pharmaceuticals Canada, Inc. in its acquisition by North Carolina-based pharmaceutical company Pozen Inc. in a deal valued at approximately U.S. $146 million (combined market cap of approximately U.S. $400 million) in a U.S. tax inversion transaction. The transaction, which was completed earlier this year, was accompanied by an infusion of U.S. $350 million of new capital in the form of equity, debt and a credit line and the creation of a new Canadian parent company, Aralez Pharmaceuticals Inc..
The Troutman Sanders team handling the transactions consisted of, among others, lawyers Tom Rose (corporate), David Meyers (corporate), Lisa Raines (corporate), Shona Smith (corporate), Nicole Edmonds (corporate), Daniel Howell (corporate), Mark Goldsmith (tax), Heather Ettinger (IP), James Schutz (IP), Jeff Banish (employee benefits), Seth Ford (employment), Mitch Portnoy (HSR) and Dan Anziska (HSR).
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