• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Advertise
  • Subscribe

MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

  • Latest News
  • Technologies
    • Artificial Intelligence (AI)
    • Cardiovascular
    • Orthopedics
    • Neurological
    • Diabetes
    • Surgical Robotics
  • Business & Finance
    • Wall Street Beat
    • Earnings Reports
    • Funding Roundup
    • Mergers & Acquisitions
    • Initial Public Offering (IPO)
    • Legal News
    • Personnel Moves
    • Medtech 100 Stock Index
  • Regulatory & Compliance
    • Food & Drug Administration (FDA)
    • Recalls
    • 510(k)
    • Pre-Market Approval (PMA)
    • MDSAP
    • Clinical Trials
  • Special Content
    • Special Reports
    • In-Depth Coverage
    • DeviceTalks
  • Podcasts
    • MassDevice Fast Five
    • DeviceTalks Weekly
    • OEM Talks
      • AbbottTalks
      • Boston ScientificTalks
      • DeviceTalks AI
      • IntuitiveTalks
      • MedtechWOMEN Talks
      • MedtronicTalks
      • Neuro Innovation Talks
      • Ortho Innovation Talks
      • Structural Heart Talks
      • StrykerTalks
  • Resources
    • About MassDevice
    • DeviceTalks
    • Newsletter Signup
    • Leadership in Medtech
    • Manufacturers & Suppliers Search
    • MedTech100 Index
    • Videos
    • Webinars
    • Whitepapers
    • Voices
Home » Cypress Bioscience deals diagnostics business to Exagen

Cypress Bioscience deals diagnostics business to Exagen

October 12, 2010 By MassDevice staff

Cypress Bioscience logo

Cypress Bioscience Inc. (NSDQ:CYPB) sold its diagnostics business to Exagen Diagnostics Inc.

The deal includes $4 million in up-front payments over two years, with additional milestone and royalty payments that could boost the value of the transaction to $8 million. All of Cypress’ diagnostics employees will be offered jobs at Exagen, according to Cypress.

The asset sale (PDF) is not related to a takeover bid by Ramius Value and Opportunity Advisors LLC that began in July, according to Cypress.

The company based the sale of the diagnostics business on a previous decision of the board, independent of the board’s attempt to persuade the company’s shareholders to turn down Ramius’ offer. Although the Cypress board unanimously rejected the investment firm’s tender offer, 5.4 percent, or 2.1 million shares, worth of Cypress were eventually turned over to Ramius. The hedge fund, which has a history of leveraging hand-picked members onto the boards of companies it’s invested in, is already a major shareholder in the company Cypress.

Ramius said it extended its $4.25-per-share offer for Cypress yesterday. The offer represents a 70 percent premium over Cypress stock’s closing price July 16, the day before the proposed take-over was announced. Originally slated to expire at midnight tonight, the firm extended the offer until Nov. 10. Ramius also entered into a confidentiality agreement with Cypress for due diligence related to the prospective cash buy-out, which it claims does not affect their ability to solicit shareholders’ support ahead of Cypress’ 2011 shareholders’ meeting.

The Cypress board contends that Ramius’ offer "grossly undervalues" the company’s current and future business, and "is highly conditional rendering it illusory, and is not in the best interests of Cypress and its stockholders (other than Ramius and its affiliates)."

Filed Under: Business/Financial News, Diagnostics, Mergers & Acquisitions, News Well Tagged With: Cypress Bioscience Inc.

More recent news

  • Comphya raises CHF 7.5 million for neurostim to treat ED
  • Fujifilm launches intelligent automation features for digital radiography
  • Integer appoints former iRhythm CEO to board
  • MMI debuts robotic surgery instruments, digital surgery platform
  • Synchrony Medical wins FDA nod for airway clearance system

Primary Sidebar

“md
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest med device regulatory, business and technology news.

DeviceTalks Weekly

See More >

MEDTECH 100 Stock INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
MDO ad

Footer

MASSDEVICE MEDICAL NETWORK

DeviceTalks
Drug Delivery Business News
Medical Design & Outsourcing
Medical Tubing + Extrusion
Drug Discovery & Development
Pharmaceutical Processing World
MedTech 100 Index
R&D World
Medical Design Sourcing

DeviceTalks Webinars, Podcasts, & Discussions

Attend our Monthly Webinars
Listen to our Weekly Podcasts
Join our DeviceTalks Tuesdays Discussion

MASSDEVICE

Subscribe to MassDevice E-Newsletter
Advertise with us
About
Contact us

Copyright © 2025 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Privacy Policy