10:05:49 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Cynapsus Therapeutics Inc (3)
Symbol CTH
Shares Issued 12,448,108
Close 2016-09-28 C$ 52.86
Market Cap C$ 658,006,989
Recent Sedar Documents

Cynapsus obtains ISS support for takeover by Sunovion

2016-09-28 19:34 ET - News Release

Mr. Anthony Giovinazzo reports

ISS RECOMMENDS CYNAPSUS THERAPEUTICS SECURITYHOLDERS VOTE FOR THE PLAN OF ARRANGEMENT

Institutional Shareholder Services (ISS), a leading independent proxy advisory firm, has recommended that Cynapsus Therapeutics Inc. shareholders and warrantholders vote for the special resolution to approve the previously announced plan of arrangement, whereby Sunovion CNS Development Canada ULC, a wholly owned subsidiary of Sunovion Pharmaceuticals Inc., will acquire all of the outstanding common shares and warrants of Cynapsus. The special resolution will be considered at the upcoming special meeting of securityholders to be held on Oct. 13, 2016, at 10 a.m. (Toronto time).

ISS is a leading independent international corporate governance analysis and proxy voting firm. Its recommendations assist shareholders in making decisions regarding proxy voting. In its analysis, ISS said: "The arrangement is the result of arm's-length negotiations between the company and the acquirer. The high premium provided under the arrangement provides the best return for shareholders compared to other offers seen by the special committee and the board. In light of the significant cash premium, which provides certainty of value, and the adequate transaction process undertaken for the proposed deal, shareholder approval of this resolution is warranted (1)."

Cynapsus's president and chief executive officer, Anthony Giovinazzo, said, "We are pleased that ISS has confirmed our view that securityholders should support the transaction with Sunovion and that ISS recognized the high cash premium that shareholders will receive as a result of the arrangement."

Securityholders are reminded to vote their proxy for the arrangement and all related proposals before the proxy voting deadline on Tuesday, Oct. 11, 2016, at 10 a.m. (Toronto time).

If you have any questions about the information contained in Cynapsus's management information circular that was filed on SEDAR and EDGAR on Sept. 16, 2016, or require assistance with voting your securities, please contact D.F. King by telephone at 1-866-521-4427 toll-free in North America or at 1-201-806-7301 outside of North America (collect calls accepted), or by e-mail at inquiries@dfking.com.

(1) Permission to quote from the ISS report was neither sought nor obtained.

About Cynapsus

Cynapsus is a specialty central nervous system pharmaceutical company that has been developing a fast-acting, easy-to-use, sublingual, thin film for the on-demand management of debilitating off episodes associated with Parkinson's disease.

About Sunovion Pharmaceuticals

Sunovion is a global biopharmaceutical company focused on the innovative application of science and medicine to help people with serious medical conditions. Sunovion's spirit of innovation is driven by the conviction that scientific excellence paired with meaningful advocacy and relevant education can improve lives. Sunovion's record of discovery, development and commercialization of important therapies has included Brovana (arformoterol tartrate), Latuda (lurasidone HCI) and, most recently, Aptiom (eslicarbazepine acetate).

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