Lundbeck to Acquire Longboard Pharmaceuticals for $2.6 Billion at $60/Share, 77% Premium

Oct 14, 2024, 10:41 AM

Lundbeck, a Danish pharmaceutical company, has announced its acquisition of Longboard Pharmaceuticals for $60 per share in cash, valuing the deal at approximately $2.6 billion. The acquisition, which has been unanimously approved by the boards of both companies, is expected to close in the fourth quarter of 2024 pending regulatory approvals. This strategic deal aims to significantly enhance Lundbeck's neuroscience pipeline, particularly in the area of neuro-rare treatments. The transaction, representing a 77% premium to VWAP, will be funded through existing cash resources and bank financing, totaling DKK17B. Centerview LLC acted as the advisor for the deal.