On June 23, 2015, Cynapsus Therapeutics Inc. completed its underwritten public offering in the United States of common shares at US$14.00 per share, for total gross proceeds of approximately US$72.5 million through a syndicate of underwriters led by Bank of America Merrill Lynch that included Nomura and Noble Life Science Partners. The offering was the first ever southbound-only underwritten equity offering under the MJDS and the issuer’s initial public offering in the US.
Cynapsus was represented in Canada by Borden Ladner Gervais LLP with a team that included Jeff Graham (life sciences), Jason Saltzman and Andrew Bunston (securities, corporate) and Danny Lang (tax) as well as by Owens Wright LLP with respect to certain corporate matters with a team that included John Wright, James Stranges and Sydney Kert, and in the United States by Troutman Sanders LLP with a team that included Thomas Rose, Shona Smith, Lisa Raines, and Kristen O’Connor (securities, corporate), Heather Ettinger (IP and regulatory) and Mark Goldsmith (tax). Clark + Elbing LLP acted as intellectual property counsel to Cynapsus with a team that included Kristina Bieker-Brady and Jeffrey Ellison.
The underwriters were represented in Canada by Davies Ward Phillips & Vineberg LLP with a team that included Patricia Olasker, Mindy Gilbert and Ryan Elger (securities, corporate) and Raj Juneja (tax), and in the United States by Davis Polk & Wardwell LLP with a team that included Deanna Kirkpatrick, Alain Kuyumjian and Milson Yu (securities, corporate).