BUZZ-Cipher Pharmaceuticals Inc: Buys dermatology company

Mon Apr 13, 2015 10:15am EDT
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** Canadian drug developer's U.S.-listed shares up 15 pct at $11.15

** Company says it acquired privately held dermatology company Innocutis Holdings LLC for $45.5 mln in cash to enter U.S. commercial market

** Cipher says it expects acquisition to add to earnings within two years

** Company to also pay up to $3 mln in cash in incentives to Innocutis management over next 3 years on achievement of some financial targets

** Up to Friday's close, stock had fallen 27 pct this year