Vernalis completes US$64.5 million acquisition of Cita NeuroPharmaceuticals

Date Closed: 12/14/2005

Value: US$64.5 million

On December 14, 2005, Vernalis plc completed its acquisition of Cita NeuroPharmaceuticals Inc. for up to US$64.5 million. Vernalis is a UK-based specialty pharmaceutical company primarily focused on drugs for the treatment of neurology and central nervous disorders. Cita NeuroPharmaceuticals is a privately owned neuropharmaceutical company based in Ontario focused on the development and commercialization of small molecule drug candidates, such as drugs for the treatment of Parkinson’s disease and neuropathic pain. The completion of the transaction included a vendor placing, to realize cash proceeds payable to certain Cita shareholders, and an open offer of Vernalis shares in the UK.

Cita was represented by BLG with a team that included Jeff Graham, Alfred Page, Sonia Mak, Julie Mansi, Will Wallace and Elinore Richardson (tax) and Eric Roher (employment).