Oct. 24, 2016Corporate
Sumitomo Dainippon Pharma's U.S. Subsidiary Sunovion Pharmaceuticals Completes Acquisition of Cynapsus Therapeutics Inc. (Canadian Specialty Central Nervous System Biotechnology Company)
Osaka, Japan, October 24, 2016 -Sumitomo Dainippon Pharma Co., Ltd. "Sumitomo Dainippon Pharma" (Head office: Osaka, Japan; President: Masayo Tada; Securities Code: 4506, First Section of TSE) announced today that its wholly-owned subsidiary Sunovion Pharmaceuticals, Inc. "Sunovion" has completed the acquisition of Cynapsus Therapeutics Inc. "Cynapsus" (Head office: Toronto, ON, Canada;)
Sunovion has acquired as of October 21, 2016 (U.S. Eastern Time) all of the outstanding common shares (13,520,414 shares) and warrants of Cynapsus. As of October 21, 2016, Cynapsus has become a wholly-owned subsidiary of Sunovion and trading of Cynapsus common stock on NASDAQ and TSX have ceased. The total value for the acquisition representing aggregate amount payable for the acquisition of common shares, warrants and stock options, is approximately US$ 635 million.
Through this transaction, Sumitomo Dainippon Pharma group has acquired Cynapsus' Phase 3 product candidate APL-130277 (a novel formulation of apomorphine) for Parkinson's disease. The acquisition expands its Psychiatry & Neurology portfolio, one of its key therapeutic areas. Sumitomo Dainippon Pharma group expects that a New Drug Application (NDA) for APL-130277 will be submitted to the U.S. Food and Drug Administration (FDA) during the first half of FY2017 (April to September in 2017).
The outline of this acquisition was disclosed in the announcement "Sumitomo Dainippon Pharma's U.S. Subsidiary Sunovion to Acquire Cynapsus Therapeutics Inc. (Canadian Specialty Central Nervous System Biotechnology Company)" made on September 1, 2016.
APL-130277, a novel formulation of apomorphine, a dopamine agonist, is being developed as a fast-acting, easy-to-use, sublingual thin film for the on-demand management of debilitating OFF episodes associated with Parkinson's disease (PD). Apomorphine is the only molecule approved for acute, intermittent treatment of OFF episodes for advanced PD patients, but in the United States is currently only approved as a subcutaneous injection. APL-130277 is designed to rapidly, safely and reliably convert a PD patient from the OFF to the ON state while avoiding many of the issues associated with subcutaneous delivery of apomorphine. It has been studied in all types of OFF episodes, including morning OFF episodes.
About OFF episodes of Parkinson's disease
OFF episodes of Parkinson's disease may include symptoms of muscle rigidity, tremor and bradykinesia, occurring when the pharmaceutical preparation containing levodopa becomes not-effective in the drug treatment for patients with PD. An estimated one quarter to one half of all people with PD whose symptoms are otherwise managed with ongoing drug therapy experience OFF episodes at least once daily and up to six times daily, with each episode typically lasting between 30 and 120 minutes.
Disclaimer Regarding Forward-looking Statements
The statements made in this press release are forward-looking statements based on management's assumptions and beliefs in light of information available up to the day of announcement, and involve both known and unknown risks and uncertainties.
Actual financial results may differ materially from those presented in this document, being dependent on a number of factors.
Information concerning pharmaceuticals (including compounds under development) contained within this press release is not intended as advertising or medical advice.