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board. Collectively, the three shareholder groups hold more than 20 percent of Cypress shares, which represents another pressure point on Cypress.
Arcadia Capital Advisors of Great Neck, NY, which owns less than a 5 percent stake in Cypress, asserted in its letter that by failing to investigate higher offers, the Cypress board “was not fulfilling its fiduciary duty to protect and enhance shareholder value.”
And the RA Capital Healthcare Fund, part of Boston-based RA Capital Management (founded by Richard Aldrich of Sirtris Pharmaceuticals and Altus Pharmaceuticals), followed a few days later with a lengthy and potent letter that underscored, point-by-point, how Cypress has misinterpreted both shareholder sentiment and the value of its recently acquired products.
In its statement today, Cypress says it plans to consult its financial and legal advisors and announce its response within 10 business days. Jefferies & Company and Perella Weinberg Partners are serving as financial advisors, and the Cooley law firm and Potter Anderson & Corroon are serving as its legal advisors.