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Monday, October 14, 2024

Longboard Pharma (LBPH) to be acquired by Lundbeck for $60.00 per share

Danish drugmaker Lundbeck has agreed to spend $2.6 billion acquiring a young biotechnology company with an experimental brain medicine that could become a blockbuster product.
  • Longboard was formed in January 2020 by Arena Pharmaceuticals, Inc. to advance a portfolio of centrally acting product candidates designed to be highly selective for specific G protein-coupled receptors (GPCRs).
  • Longboard’s lead asset, bexicaserin, is under development for neurological diseases, including Dravet syndrome.
ticker:  LBPH
 
 


Longboard Pharmaceuticals to be acquired by Lundbeck (HLUYY) for $60.00 per share in cash 
  • H. Lundbeck A/S (HLUYY) and Longboard Pharmaceuticals (LBPH) announced an agreement for Lundbeck to acquire Longboard. Under the terms of the agreement, Lundbeck will commence a tender offer for all outstanding shares of Longboard common stock, whereby Longboard shareholders will be offered a payment of $60.00 per share in cash. The transaction is valued at approximately $2.6 billion equity value and $2.5 billion (~DKK 17 billion) net of cash, on a fully diluted basis.
    • Through the acquisition of Longboard, Lundbeck gains access to bexicaserin, a novel 5-HT2C agonist in development for the treatment of seizures associated with DEEs, including Dravet syndrome, Lennox-Gastaut syndrome, and other rare epilepsies.
    • Under the terms of the agreement, Lundbeck will commence a tender offer for all outstanding shares of Longboard common stock, whereby Longboard shareholders will be offered a payment for $60 per share in cash. The cash consideration represents a 77% premium to the 30-day volume-weighted average price of shares of Longboard common stock as of September 30, 2024.
 

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