Cypress Bioscience Board of Directors Confirms Receipt of Revised Ramius LLC Offer in Connection with Strategic Review Process
10 Dicembre 2010 - 5:47PM
Business Wire
Cypress Bioscience, Inc. (NASDAQ: CYPB) (“Cypress”) today
confirmed that it received a revised offer from Ramius LLC
(“Ramius”) to acquire all of the outstanding common shares of
Cypress common stock for $5.50 per share in cash that it does not
already own.
Cypress’ Board of Directors, with the assistance of its
financial advisors, has been actively engaged in evaluating a broad
range of strategic alternatives. Cypress’ Board will carefully
evaluate the revised Ramius offer as part of its ongoing
evaluation.
Jefferies & Company, Inc. and Perella Weinberg Partners are
serving as financial advisors to Cypress and Cooley LLP, Sullivan
& Cromwell LLP and Potter Anderson & Corroon LLP are
serving as its legal advisors.
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 FDA approvals for
both of the products it brought to the FDA during that period,
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’ development-stage assets include CYP-1020 for cognitive
impairment in schizophrenia, Staccato® nicotine for smoking
cessation and intranasal carbetocin for autism. More information on
Cypress and its products and development assets is available at
http://www.cypressbio.com/.
Additional Information and Where to Find It
In connection with the unsolicited tender offer commenced by
Ramius LLC, Cypress has filed with the SEC a
Solicitation/Recommendation Statement on Schedule 14D-9. Cypress’s
stockholders should carefully read the Solicitation/Recommendation
Statement on Schedule 14D-9 (including any amendments or
supplements thereto) prior to making any decisions with respect to
Ramius LLC’s tender offer because it contains important
information. Free copies of the Solicitation/Recommendation
Statement on Schedule 14D-9 and the related amendments or
supplements thereto that Cypress has filed with the SEC are
available at the SEC's website at www.sec.gov.
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