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Ramius Still Wants Cypress Bio

It took a week, but Ramius Value and Opportunity Advisors responded today to what it calls the “abrupt resignation” of independent director Jean-Pierre Millon from the board at San Diego’s Cypress Bioscience (NASDAQ: CYPB). The subsidiary of New York’s multi-billion-dollar Ramius group says it’s still committed to its $160-million buyout offer for Cypress, says it’s willing to negotiate, and asks the newly appointed lead independent director, Daniel Petree, for a meeting with any or all of San Diego biotech’s independent directors. In a letter to Petree, Ramius Partner Managing Director Jeffrey C. Smith says that Millon’s resignation “at best…demonstrates an unhealthy board environment,” and “at worst, it is symptomatic of a truly dysfunctional board that continues to act without regard to the best interests of shareholders.” Cypress has steadfastly rejected Ramius’ overtures.