CITA NEUROPHARMACEUTICALS AGREES TO US$64.5M BID FROM BRITAIN'S VERNALIS PLC

A A

Cita NeuroPharmaceuticals Inc., a privately held Canadian drug firm focused on Parkinson's disease treatments, has agreed to a $64.5-million-US takeover offer from Vernalis PLC of Winnersh, England. Vernalis will initially pay $29.5 million US in Vernalis shares, cash and assumed debt, Cita said Friday in a release. Vernalis will also pay in instalments up to $35 million US in either shares or cash, depending on achieving certain milestones in the development of Cita's clinical drug candidates.

CBC News (http://www.cbc.ca/cp/business/051118/b111804.html)