Lundbeck has signed an agreement to acquire Longboard Pharmaceuticals for $2.6bn equity value in a move set to enhance its capabilities within neuro-rare conditions.
Lundbeck has initiated a tender offer for all outstanding shares of Longboard’s common stock.
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The transaction holds a net value of $2.5bn, calculated on a fully diluted basis.
The acquisition is aligned with Lundbeck’s focused innovator strategy, marking a significant advancement by adding Longboard’s lead asset bexicaserin, which addresses developmental and epileptic encephalopathies (DEEs).
The product is currently under evaluation in a global Phase III clinical programme known as DEEp SEA, which includes patients diagnosed with Lennox-Gastaut syndrome, Dravet syndrome and other DEE syndromes.
Lundbeck president and CEO Charl van Zyl stated: “This transformative transaction will become a cornerstone in Lundbeck’s neuro-rare franchise, with a potential to drive growth into the next decade. Bexicaserin addresses a critical unmet need for patients suffering from rare and severe epilepsies, for which there are very few good treatment options available.”
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By GlobalDataLongboard president and CEO Kevin Lind said: “I would like to thank the entire DEE community, in particular bexicaserin’s study participants and their caregivers as well as the advocacy groups, investigators, sites and coordinators for their support and partnership.
“Lundbeck’s remarkable capabilities will accelerate our vision to provide increased equity and access for underserved DEE patients with significant unmet medical needs.”
The boards of directors of both Lundbeck and Longboard have given unanimous approval for the transaction.
The expected closure of the deal is in the fourth quarter of 2024, contingent upon the tender of at least a majority of the total number of the outstanding voting shares of Longboard, along with the receipt of regulatory approvals and fulfilment of other customary conditions.
In March 2024, Lundbeck and Otsuka Pharmaceuticals Europe’s Abilify Maintena received EU approval for treating schizophrenia.
