H. Lundbeck A/S entered into a merger agreement on October 14, 2024, to acquire U.S.-based Longboard Pharmaceuticals, Inc. (LBPH) in a $2.6 billion cash deal, marking the Danish drugmaker’s biggest deal ever as it looks to strengthen its lineup with a potential breakthrough epilepsy drug.
Under the terms of the agreement, Lundbeck will commence a tender offer for all outstanding shares of Longboard common stock, in which Longboard shareholders will be offered a cash payment of $60 per share, representing a 54.24% premium from the stock’s last close.
Longboard is a clinical-stage biopharmaceutical company developing innovative treatments for neurological diseases, with its lead product, bexicaserin (LP352), in Phase III trials for seizure disorders like developmental and epileptic encephalopathies.
Lundbeck is a Denmark-based biopharmaceutical company dedicated to brain health, developing innovative treatments for neurological and psychiatric disorders, with a focus on addressing complex conditions where few or no treatments exist.
The deal, expected to close in the fourth quarter of 2024, expands Lundbeck’s portfolio of treatments for neurological conditions, including Parkinson’s disease, migraines, and Alzheimer’s disease.
Lundbeck expects global peak sales of $1.5 billion to $2 billion from Longboard’s lead drug, bexicaserin, which it aims to launch by late 2028.
The company plans to seek approval for the drug to treat seizures linked to a group of rare epilepsies called Developmental and Epileptic Encephalopathies (DEE), which mainly affect children. DEE syndromes impact about 220,000 people in the U.S.
Bexicaserin is in advanced development for treating seizures caused by Dravet syndrome and other DEEs, including Lennox-Gastaut syndrome.
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Editor’s Note: Baranjot Kaur contributed to this article