Cypress Bioscience Agrees to be Acquired by Ramius LLC and Royalty Pharma for $6.50 per Share in Cash

San Diego, CA and New York, NY, December 15, 2010 – Cypress Bioscience, Inc. (Nasdaq: CYPB) (“Cypress”), a pharmaceutical company engaged in the development of innovative drugs to treat central nervous system (CNS) disorders, announced today that it has entered into a definitive merger agreement with Ramius V&O Acquisition LLC, an affiliate of Ramius LLC (collectively, “Ramius”) and affiliates of Royalty Pharma (“Royalty Pharma”), providing for the acquisition of Cypress by Ramius and Royalty Pharma.

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