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What will be the extent of management changes at Longboard post-acquisition by Lundbeck?
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Story
Lundbeck to Acquire Longboard Pharmaceuticals for $2.6 Billion at $60/Share, 77% Premium
Oct 14, 2024, 10:51 AM
Lundbeck, a Danish pharmaceutical company, has announced its acquisition of Longboard Pharmaceuticals in a deal valued at $2.6 billion (DKK17B). The transaction, which has been unanimously approved by the boards of both companies, will see Longboard shareholders receive $60 per share in cash. This represents a 77% premium to the volume-weighted average price (VWAP). The acquisition aims to significantly enhance Lundbeck's neuroscience pipeline, particularly in the area of neuro-rare treatments. The deal is expected to close in the fourth quarter of 2024, pending regulatory approvals. The funding for the acquisition will be through existing cash resources and bank financing. Centerview LLC is acting as the financial advisor for the deal. Longboard's stock is up 47% in pre-market trading following the announcement.
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