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Stock of biotech Cypress Bioscience is up 20.69% this morning (Dec. 1) to $4.90 as hedge fund Ramius LLC raised its offer for the company by 29%. The stock had already risen 16% since Ramius first offered to buy the company, according to Reuters. Ramius, which already controls 10% of the company is offering to buy the stock for $5.50 a share. Cypress has faced shareholder revolt since June, when it "signed a deal to license a schizophrenia drug, which is years away from reaching market and carries significant clinical risk," says Reuters.
Stock of biotech Cypress Bioscience is up 20.69% this morning (Dec. 1) to $4.90 as hedge fund Ramius LLC raised its offer for the company by 29%. The stock had already risen 16% since Ramius first offered to buy the company, according to Reuters. Ramius, which already controls 10% of the company is offering to buy the stock for $5.50 a share. Cypress has faced shareholder revolt since June, when it "signed a deal to license a schizophrenia drug, which is years away from reaching market and carries significant clinical risk," says Reuters.