Troutman Sanders Counsels Cynapsus in Transaction with Sunovion
ATLANTA – Sept. 7, 2016 – In less than six months, Troutman Sanders is once again being mentioned in the news advising on a leading Canadian pharmaceutical transaction. Last week, Sunovion Pharmaceuticals Inc., a unit of Japan's Dainippon Sumitomo Pharma Co. Ltd., announced it would acquire Canada's Cynapsus Therapeutics Inc. for about U.S. $624 million in an all cash transaction. The transaction generated multiple new stories including articles in Business Wire, Reuters, Boston Business Journaland The Boston Globe.
Through the deal, Sunovion will acquire 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.
The companies expect to close the transaction in the fourth quarter of 2016 following the receipt of required security holder, court and regulatory approvals.
Troutman Sanders was also an advisor in the transaction involving Tribute Pharmaceuticals Canada, Inc. which was acquired 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 a new Canadian company, Aralez Pharmaceuticals Inc., was formed.
The Troutman Sanders team handling the transactions consisted of 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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