Marlborough drugmaker Sunovion Pharmaceuticals announced Friday it has purchased a company developing a Parkinson’s disease treatment for approximately $635 million.
The acquisition of Toronto-based Cynapsus Therapeutics complements Sunovion’s existing portfolio and expands its base of treatments for central nervous system disorders, according to Sunovion. Sunovion plans to submit a new drug application to the U.S. Food and Drug Administration in the first half of its fiscal year 2017.
The drug would be used during off episodes associated with Parkinson’s disease that impair the ability to move and maintain normal activities. These episodes can last between 30 and 120 minutes and approximately 40 percent of those with Parkinson’s disease experience them, according to Sunovion.
In connection with the acquisition, Sunovion acquired approximately 13.5 million shares and 1.9 million warrants, for a total price of around $635 million. As a result of the purchase, Cynapsus has become a wholly-owned subsidiary of Sunovion and the common shares of Cynapsus will cease to be traded on the NASDAQ Stock Market and Toronto Stock Exchange.
