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Will Lundbeck's stock price increase within one week following the acquisition announcement?
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Lundbeck to Acquire Longboard Pharmaceuticals for $2.6 Billion at $60/Share, 77% Premium
Oct 14, 2024, 12:13 PM
Lundbeck, a Danish pharmaceutical company, has announced its acquisition of Longboard Pharmaceuticals for $2.6 billion. The deal values Longboard at $60 per share, representing a 77% premium to its volume-weighted average price. This acquisition is expected to significantly enhance Lundbeck's neuroscience pipeline, particularly in the area of neuro-rare treatments, including a Phase 3 drug for Dravet syndrome. The transaction has been unanimously approved by the boards of both companies and is anticipated to close in the fourth quarter of 2024, pending regulatory approvals. Centerview LLC advised on the deal. Longboard's stock surged by over 50% in pre-market trading following the announcement.
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