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news.Cypress Bioscience has reported that it will acquire Proprius Pharmaceuticals 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's therapeutic candidates.
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The acquisition brings together Cypress’s drug development expertise, commercial resources and lead pharmaceutical candidate, milnacipran, which is currently under FDA review for the treatment of fibromyalgia, and Proprius’s portfolio of proprietary, high-value personalized medicine laboratory services and therapeutic product candidates.
Following the close of the transaction, which is expected in March 2008, employees and operations of Proprius Pharmaceuticals will be integrated into Cypress Bioscience in San Diego, California, including Proprius’s founder, president and CEO Michael Walsh, who will assume the role of executive vice president and chief commercial officer upon closing of the transaction.
Jay Kranzler, chairman and CEO of Cypress Bioscience, said: “We believe that this combination will allow us to bring a unique offering of therapeutics and personalized medicine laboratory services to physicians, one that addresses important unmet medical needs in the treatment of both fibromyalgia and rheumatoid arthritis.”