- Lundbeck to acquire Longboard Pharmaceuticals in a $2.6bn deal, expanding its focus on neuro-rare conditions.
- The acquisition includes bexicaserin, currently in Phase III trials for treating developmental and epileptic encephalopathies (DEEs).
Lundbeck has signed an agreement to acquire Longboard Pharmaceuticals for $2.6 billion, boosting its capabilities in the treatment of neuro-rare conditions. The acquisition includes Longboard’s lead drug candidate, bexicaserin, which is under evaluation in a Phase III clinical trial targeting developmental and epileptic encephalopathies (DEEs), including Lennox-Gastaut syndrome and Dravet syndrome.
The deal, expected to close in the fourth quarter of 2024, is structured as a tender offer for all outstanding shares of Longboard’s common stock. The net value of the transaction is approximately $2.5 billion on a fully diluted basis. This acquisition is aligned with Lundbeck’s strategy to focus on innovation within its core therapeutic areas, with bexicaserin representing a critical addition to its neuro-rare disease portfolio.
“This transformative transaction will become a cornerstone in Lundbeck’s neuro-rare franchise, with a potential to drive growth into the next decade,” said Charl van Zyl, president and CEO of Lundbeck. “Bexicaserin addresses a critical unmet need for patients suffering from rare and severe epilepsies, for which there are very few good treatment options available.”
The boards of directors of both companies have approved the deal unanimously. Regulatory approvals and the tender of at least a majority of Longboard’s voting shares are required for completion, with the transaction expected to close by the end of 2024.
Longboard president and CEO Kevin Lind expressed gratitude to the DEE community for their support and noted that Lundbeck’s resources will help bring treatments to underserved patients more efficiently.
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