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

Wed Aug 31, 2016 5:53pm EDT
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Aug 31 (Reuters) - Sunovion Pharmaceuticals Inc, a unit of Japan's Dainippon Sumitomo Pharma Co Ltd, said it would buy Canada's Cynapsus Therapeutics Inc for about $624 million.

Sunovion said it would buy Cynapsus for $40.50 per share in cash.

Cynapsus's Toronto-listed stock closed at C$24.48 ($18.68) on Wednesday.

The deal, which is expected to close in the fourth quarter, "reflects Sunovion's global strategy to expand and diversify its portfolio in key therapeutic areas, including neurology," Sunovion said. ($1 = C$1.31) (Reporting by Vishaka George in Bengaluru; Editing by Kirti Pandey)