Cypress inks $75M deal to acquire Proprius

Cypress Bioscience has inked a deal to buy Proprius Pharmaceuticals in a deal that starts out at $37.5 million up front and goes up to $75 million if its gamble on new diagnostic technology pays off. Proprius has been developing diagnostic tools for rheumatoid arthritis. According to Cypress' release, "the nearest-term commercial opportunities include an early RA prediction technology, which helps to determine the likelihood of developing RA in patients with Undifferentiated Arthritis, and a methotrexate polyglutamates monitoring assay, which helps physicians to optimize MTX therapy by providing insights on an individual's metabolism of MTX, which can vary greatly from patient to patient." Michael Walsh, Proprius' founder, president and chief executive, is assuming the job of executive vice president and chief commercial officer of the expanded company.

"We believe that this combination will allow us to bring a unique offering of therapeutics and personalized medicine laboratory services to physicians, one that addresses important unmet medical needs in the treatment of both fibromyalgia and rheumatoid arthritis," said Jay D. Kranzler, MD, PhD, Chairman and CEO of Cypress. 

- read the release

Related Articles:
Cypress shares soar on new pain data. Report
Cypress releases positive fibromyalgia data. Report
Cypress halts trial for sleep apnea therapy. Report

Suggested Articles

The unidentified biotechs are drawn from the portfolio of a €150 million life science-focused fund that Index Ventures set up.

ADC Therapeutics nearly went through the entire alphabet before trying, twice, to get off an IPO. Now, it’s looking to become a commercial biotech.

Emmecell aims to make corneal transplant surgery, which can take up to a year to heal from and fails up to 20% of the time, a relic of the past.