A holder of 9.9% of Cypress Bioscience Inc. (CYPB 3.48, +0.98, +39.20%) proposed to acquire the rest of the San Diego drugmaker for $4 a share. In a statement on Monday, a subsidiary of Ramius LLC, the New York asset manager, said the deal price is a 60% premium over Cypress's Friday close at $2.50 a share. And it said the price is 74% over the average closing price since mid-June, when Cypress licensed BioLineRx's schizophrenia treatment. Ramius called on Cypress's board to "immediately hire a reputable investment bank to explore a sale of the company."
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