Biotie buys CNS developer Synosia in $121.5M deal

Finland's Biotie is buying CNS company Synosia for $121.5 million in an all-stock deal, creating a combined company with nine clinical-stage drug candidates. As part of the transaction, Biotie will issue 161,448,371 shares to the shareholders and warrant holders Synosia in an acquisition of the entire issued share capital and outstanding warrants of Synosia. Biotie CEO Timo Veromaa will retain his current position while Synosia's CEO Ian Massey will become COO and President of U.S. Operations.

The combined pipeline features Biotie's Phase III nalmefene for alcohol dependence as the lead drug. Biotie is preparing to submit nalmefene for European approval in the second half of 2011. Synosia brings with it a CNS pipeline and a potential $745 million partnership with UCB Pharma, announced in October 2010. That deal SYN-115, a Phase II adenosine A2a receptor antagonist for Parkinson's disease and SYN-118, a Phase II drug for movement disorders. The combined company will have a footprint in Finland, Switzerland and the U.S.

- take a look at Biotie's release