Under fire, Cypress pledges $33M to acquire CNS programs

Cypress Bioscience isn't letting any unwelcome attention from hedge fund operator Ramius stop it from doing new deals to beef up its CNS pipeline. Just a day after Ramius let loose with another hostile barrage aimed at the departure of an independent Cypress director, the biotech company committed to pay up to $33 million to license in a pair of new programs for autism and smoking cessation. San Diego-based Cypress (CYPB) is forking over $750,000 upfront and committing to up to $27 million...

Cypress shoots down Ramius offer–again

The tussle between Ramius and Cypress Bioscience continues today with the biotech responding to a Ramius offer dated Aug. 11. In its letter, Cypress rejects Ramius' latest offer, stating "it would be imprudent to start a negotiation or enter into any type of 'go shop' transaction" with the investor manager, especially given that Ramius' proposal is identical to the original one offered in July. Last month, Ramius offered to buy all outstanding shares of Cypress it doesn't already own...

Ramius tempts Cypress shareholders with sweetened offer

Ramius isn't taking 'no' for an answer after Cypress Bioscience's board opted to reject its buyout offer. In a carefully worded letter, which the hedge fund operator was equally careful to make public, Ramius says that it may even be open to offering more than $4 a share--a figure that Cypress (CYPB) has spurned as grossly inadequate--after it gets a close look at the books and management decides to negotiate a deal. "The clear message we have received from a large number of shareholders...

Cypress rebuffs Ramius buyout offer

Cypress Bioscience has rejected a $154 million buyout proposal floated by investor manager Ramius last month. "After carefully and thoroughly reviewing the contents of your proposal and with the assistance of financial and legal advisors, we have unanimously concluded that your proposal is not in the best interests of the other Cypress stockholders," the biotech says in a letter.  Ramius owns a 9.9 percent stake in Cypress and has expressed displeasure...

Ramius looks to buy out Cypress

Shares of Cypress Bioscience rallied Monday on word that investor manager Ramius, which has had some problems with the way the biotech has been run, had offered to buy all outstanding shares of the company it doesn't already own for $4.00 per share in cash. Ramius currently owns 9.9 percent of the outstanding common stock of Cypress, making it one of the company's largest shareholders. In a letter, Ramius expresses displeasure...