Sunovion Pharmaceuticals acquires Cynapsus for $653m

Japanese company Sumitomo Dainippon Pharma’s US subsidiary, Sunovion Pharmaceuticals, has completed the acquisition of Cynapsus Therapeutics.

Cynapsus is a speciality pharmaceutical company, based in Canada, which develops a drug to treat symptoms of Parkinson’s disease.

The acquisition was completed on Friday, October 21, for approximately $635 million.

Following the transaction, Sumitomo now owns Cynapsus’ product candidate APL-130277, a novel formula of apomorphine, for treating Parkinson’s disease.

Sumitomo said in a press release dated yesterday, October 24, that it is expecting to submit a New Drug Application to the Food and Drug Administration for the drug by September 2017.