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Hedge Fund Manager Takes Bid Directly to Cypress Shareholders

Seeking Alpha – Ramius, a hedge fund manager trying to gain control of Cypress Bioscience, is taking its $148 million hostile bid directly to Cypress shareholders, bypassing the company’s management after it rejected a lower bid in August.

San Diego-based Cypress in-licensed an antipsychotic for schizophrenia from Israel’s BioLineRx for $30 million in June. The company could pay as much as $335 million in clinical, regulatory and commercial milestones if the drug is successful.

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