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Cypress finally succumbs to Ramius

 
• By Sukaina Virji

Ending the second long-running acquisition saga of the week, Cypress Bioscience has agreed to be bought by Ramius, who pulled in Royalty Pharma to help increase its offer from the original $4.00 per share to $6.50 per share in cash, raising the value of the deal to $255 million.

Ending the second long-running acquisition saga of the week, Cypress Bioscience has agreed to be bought by Ramius, who pulled in Royalty Pharma to help increase its offer from the original $4.00 per share to $6.50 per share in cash, raising the value of the deal to $255 million.

The $6.50 price represents a premium of around 160% to Cypress' share price on 16 July, the last trading day prior to the public disclosure of Ramius' unsolicited proposal.

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