Cypress Bioscience Buying Proprius Pharma

Drug developer Cypress will acquire the specialty drug maker for about $75 million to enhance its fibromyalgia and rheumatoid arthritis treatment offerings.

SAN DIEGO (AP) — Cypress Bioscience Inc. said Monday it will acquire specialty drug maker Proprius Pharmaceuticals Inc. in a deal valued at up to about $75 million.
Cypress aims to enhance its product offerings in the treatment of the pain disorder fibromyalgia and in rheumatoid arthritis.
Drug developer Cypress said it will buy the privately held company in a transaction that includes an upfront payment of $37.5 million in cash, as well as an additional $37.5 million in potential milestone-related payments associated with the development of Proprius' experimental drugs.
The transaction is expected to close in March 2008.
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