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What will be the outcome of Longboard's Phase 3 asset for Dravet syndrome post-acquisition?
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Story
Lundbeck to Acquire Longboard Pharmaceuticals for $2.6 Billion at $60/Share, 77% Premium
Oct 14, 2024, 11:18 AM
Denmark's Lundbeck has announced its acquisition of Longboard Pharmaceuticals in a deal valued at $2.6 billion equity value. The acquisition, which will be executed at $60 per share in cash, represents a 77% premium to Longboard's volume-weighted average price (VWAP). The total transaction value is approximately $2.5 billion net of cash. The deal has been unanimously approved by the boards of both companies and is expected to close in the fourth quarter of 2024, pending regulatory approvals. This strategic acquisition aims to significantly enhance Lundbeck's neuroscience pipeline, particularly in the area of neuro-rare treatments. Centerview LLC acted as the financial advisor for the deal. Longboard's stock surged by over 50% in pre-market trading following the announcement. Longboard's Phase 3 asset for Dravet syndrome was a core interest for Lundbeck.
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