Dexxon buys into Cynapsus IPO

Cynapsus Therapeutics, which is developing an easier-to-use formulation of apomorphine for Parkinson’s disease, raised $63 million by offering 4.5 million shares at $14. A filing late Wednesday afternoon showed that Dexxon, which is Cynapsus’ largest shareholder, would buy up to its pro rata shares of Cynapsus’ common shares in the offering. Cynapsus Therapeutics, which already trades on the Toronto Stock Exchange under the symbol CTH, plans to list on the NASDAQ under the symbol CYNA. BofA Merrill Lynch acted as a lead manager on the deal.