Cypress Bioscience To Be Acquired by Ramius LLC and Royalty Pharma for $6.50 Per Share

Cypress Bioscience, Inc. CYPB announced today that it has entered into a definitive merger agreement with Ramius V&O Acquisition LLC, an affiliate of Ramius LLC and affiliates of Royalty Pharma, providing for the acquisition of Cypress by Ramius and Royalty Pharma. Under the terms of the agreement, which was unanimously approved by Cypress' Board of Directors, Ramius will amend its existing tender offer to acquire all of the outstanding shares of Cypress common stock it does not already own at an increased price of $6.50 per share in cash. The transaction has a total equity value of approximately $255 million on a fully-diluted basis.