Adagio Pharmaceuticals, Cynapsus deal

Cynapsus will acquire Adagio in a stock deal valued at C$1 million (US$1.1 million) based on Cynapsus' close of C$0.04 on April 26, before the acquisition was announced. Adagio shareholders will receive 26 million Cynapsus shares up front and are eligible for C$1.5 million (US$1.6 million) in Cynapsus shares upon the successful completion of Phase I trials of Parkinson's disease (PD) candidate APL-130277 and C$2.5 million (US$2.6 million) upon the successful completion of a final pivotal trial of the compound. Cynapsus expects to start clinical trials this year.

Last year, Adagio granted Cynapsus an exclusive option for exclusive, worldwide rights to develop and commercialize APL-130277. Cynapsus said the acquisition will allow the company to have complete control over the IP related to APL-130277. The small molecule dopamine receptor agonist is an oral formulation of apomorphine (see BioCentury, Aug. 2, 2010). ...