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Ramius Value and Opportunity Advisors LLC, a subsidiary of Ramius LLC, today announced that it commenced a tender offer, through a wholly owned subsidiary, to acquire all of the outstanding shares of common stock of Cypress Bioscience (Nasdaq: CYPB) $3.51, for $4.25 per share in cash. This offer represents a 70% premium over the $2.50 closing price of Cypress' stock on July 16, 2010, the last trading day before Ramius publicly announced its proposal to acquire the Company for $4.00 per share in cash.
Ramius Partner Managing Director Jeffrey C. Smith stated, "The Cypress Board rejected our earlier offer to negotiate an acquisition of the Company for $4.00 per share. Given the Board's continuing refusal to negotiate with us, we are taking our offer directly to the true owners of Cypress, the stockholders. Clearly, stockholders are unhappy with the Cypress Board's refusal to seriously consider our acquisition proposal, as demonstrated by the recent letters sent to the Board by RA Capital and Arcadia Capital."
What They Do: Cypress Bioscience, Inc. provides therapeutics and personalized medicine services in the United States.
Savient Pharmaceuticals (Nasdaq: SVNT) $14.56. Announced Tuesday after market close that the U.S. Food and Drug Administration (FDA) has approved KRYSTEXXA (pegloticase), a PEGylated uric acid specific enzyme indicated for the treatment of chronic gout in adult patients refractory to conventional therapy. Chronic gout that is refractory to conventional therapy occurs in patients who have failed to normalize serum uric acid and whose signs and symptoms are inadequately controlled with xanthine oxidase inhibitors at the maximum medically appropriate dose or for whom these drugs are contraindicated. KRYSTEXXA is not recommended for the treatment of asymptomatic hyperuricemia.
"KRYSTEXXA is the first-ever and only treatment approved by the FDA for adult patients who suffer with chronic gout that is refractory to conventional therapy," said Paul Hamelin R.Ph., President of Savient Pharmaceuticals. "The clinical data have demonstrated that many patients treated with KRYSTEXXA 8 mg administered every two weeks can experience within six months of treatment significant positive clinical improvement reversing the course of this severe, crippling and debilitating disease. A statistically significant proportion of patients in our pivotal clinical trials achieved a lowering of their serum uric acid level to a mean of 0.7 mg/dL and achieved a complete response for the resolution of tophi within the first six months of therapy. We believe that the approval of KRYSTEXXA is a significant step towards realizing our mission of transforming the lives of the patients in the U.S. suffering with chronic gout refractory to conventional therapy, as many of them finally have a treatment that gives them hope of reversing this severely debilitating disease."
What They Do: Savient Pharmaceuticals, Inc. is a specialty biopharmaceutical company focused on developing KRYSTEXXA (pegloticase) for the treatment of chronic gout in patients refractory to conventional therapy.
UTStarcom, Inc. (Nasdaq: UTSI) $1.93. Today announced that it has won the bid for Jinan Radio & TV Network Center's Equipment Purchase Project to become the Center's exclusive broadband solution provider and thus step up its network upgrading efforts. It is revealed that the project will use EPON technology to deploy wireless network services in residential apartments and office buildings.
Transforming the one-way transmission into the interactive two-way transmission is the key to realizing the integration of telecommunications networks, cable TV networks and the Internet. After deployment of the UTStarcom solution, the Jinan Radio & TV Network Center will be capable of providing high quality carrier-class broadband and multimedia services to business and residential customers. With its unique extensibility and upgradability, the Center will be able to provide Video-on-demand (VOD) and data broadcasting services and other value added services within its cable TV network.
What They Do: UTStarcom is a global leader in IP-based, end-to-end networking solutions and international services and support.
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