Lundbeck to buy Longboard Pharmaceuticals for $2.6bn
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Lundbeck has entered an agreement to acquire Longboard Pharmaceuticals for an equity value of $2.6 billion, aiming to strengthen its portfolio in the field of neuro-rare conditions. The transaction holds a net worth of $2.5 billion, assessed on a fully diluted basis.
Lundbeck’s president and CEO, Charl van Zyl, expressed optimism about the acquisition, stating that this transformative transaction will be a significant asset for Lundbeck’s neuro-rare franchise. The transaction is expected to provide new avenues for growth and innovative treatments for patients with rare epileptic conditions. Van Zyl emphasized the importance of addressing the unmet medical needs of patients suffering from these severe illnesses.
Kevin Lind, president and CEO of Longboard, conveyed his gratitude to the entire DEE community, particularly acknowledging the participants of bexicaserin’s studies, their caregivers, advocacy groups, investigators, sites, and coordinators for their support and collaboration. He expressed confidence that Lundbeck’s extensive capabilities will accelerate their mission to increase equity and access for underserved DEE patients with significant unmet medical needs.
The boards of directors of both Lundbeck and Longboard have unanimously approved the transaction. The deal is expected to close in the fourth quarter of 2024, subject to the tender of at least a majority of the total number of outstanding voting shares of Longboard, along with the receipt of regulatory approvals and the fulfillment of other customary conditions.
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