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.
