Sunovion Pharmaceuticals has signed an agreement to acquire Canadian-based Cynapsus Therapeutics for $624m.

The agreement is part of Sunovion’s strategy to expand and diversify its portfolio worldwide within key therapeutic areas including neurology.

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Sunovion Pharmaceuticals chairman and CEO Nobuhiko Tamura said: “Parkinson’s disease is a chronic, progressive neurodegenerative disease that affects more than four million people around the world, and there is a significant need for new options to treat the OFF episodes associated with it.

“We believe that APL-130277 is a novel late-stage candidate with the potential to make a real difference for patients and their families.”

"We believe that APL-130277 is a novel late-stage candidate with the potential to make a real difference for patients and their families."

Under the agreement, Sunovion will acquire Cynapsus’ easy-to-use product candidate, APL-130277, which has been designed to be an on-demand treatment option for managing OFF episodes associated with Parkinson’s disease (PD).

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Cynapsus Therapeutics president and CEO Anthony Giovinazzo said: “With its leadership in therapies for central nervous system disorders and commercial experience specific to neurology, we believe Sunovion is best suited to advance APL-130277 in the US and other key markets.

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“This transaction culminates years of dedicated work by the Cynapsus team and represents significant value creation for our security holders.”

Upon closing of the deal, Cynapsus shareholders will receive $40.50 per common share in cash, which represents a premium of 123% based on the volume weighted average closing price of the company’s common shares.

The transaction is subject to court, regulatory approvals and satisfaction of certain other customary closing conditions, and is slated for completion in the fourth quarter of this year.