Cypress Bioscience Board of Directors to Review Unsolicited Tender Offer from Ramius LLC Stockholders Advised to Take No Action Pending Review
SAN DIEGO, Sept. 15 /PRNewswire-FirstCall/ -- Cypress Bioscience, Inc. (Nasdaq: CYPB) ("Cypress") today confirmed that Ramius LLC ("Ramius") has commenced an unsolicited tender offer to acquire all outstanding common shares of Cypress at a price of $4.25 per share in cash.
Consistent with its fiduciary duties and as required by applicable law, the Cypress Board of Directors will review the offer to determine the course of action that it believes is in the best interests of the Company and its stockholders. Cypress stockholders are advised to take no action at this time pending the review of the tender offer by the Cypress Board of Directors.
Jefferies & Company, Inc. and Perella Weinberg Partners are serving as financial advisors to Cypress and Cooley LLP and Potter Anderson & Corroon LLP are serving as its legal advisors.
The Cypress Board of Directors, in consultation with its independent financial and legal advisors, intends to advise stockholders of its formal position regarding the offer within ten business days by making available to stockholders and filing with the Securities and Exchange Commission a solicitation/recommendation statement on Schedule 14D-9.
About Cypress Bioscience
Cypress Bioscience is a pharmaceutical company dedicated to the development of innovative drugs targeting large unmet medical needs for patients suffering from a variety of disorders of the central nervous system. Since 1999, Cypress has received multiple FDA approvals, including for Prosorba™, a medical device for rheumatoid arthritis, and Savella® (milnacipran HCl), for fibromyalgia. The Company focuses on generating stockholder value by reaching clinical development milestones as quickly and efficiently as possible. Cypress' currently marketed products include Savella and the Avise PGSM and Avise MCVSMtherapeutic monitoring, diagnostic and prognostic testing services for rheumatoid arthritis. Development-stage assets include CYP-1020 for cognitive impairment in schizophrenia, Staccato® nicotine for smoking cessation, intranasal carbetocin for autism, and AVISE-SLESM, a lupus diagnostic testing service. More information on Cypress and its products and development assets is available at http://www.cypressbio.com.
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Joele Frank, Wilkinson Brimmer Katcher
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Sharon Stern / Dara Silverstein
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SOURCE Cypress Bioscience, Inc.