Lundbeck Agrees to Terms to Acquire Longboard Pharmaceuticals
Acquisition of Longboard grants Lundbeck access to bexicaserin, 5-HT2C receptor agonist that has demonstrated promise in treating seizures associated with rare developmental epileptic encephalopathies.
Image Credit: Adobe Stock Images/Syed Qaseem Raza
Lundbeck has announced that it has agreed to terms to acquire Longboard Pharmaceuticals. According to the company, the deal includes access to Longboard’s lead asset, bexicaserin, a 5-HT2C receptor agonist that has shown promise in treating seizures associated with rare developmental epileptic encephalopathies. Currently, bexicaserin is under evaluation in a global Phase III program and has been granted an FDA Breakthrough Therapy Designation.1
“This transformative transaction will become a cornerstone in Lundbeck’s neuro-rare franchise, with a potential to drive growth into the next decade. Bexicaserin addresses a critical unmet need for patients suffering from rare and severe epilepsies, for which there are very few good treatment options available. With this acquisition, we continue to execute on our Focused Innovator strategy, transforming the lives of patients suffering from severe brain disorders," said Charl van Zyl, president, CEO, Lundbeck, in a press release.
Under terms of the deal, Lundbeck will pay a total of $2.6 million per a tender offer. If the tender offer is met, Lundbeck will acquire all shares of Longboard common stock not tendered into the tender offer through a merger for the same per share consideration as will be payable in the tender offer. Integration costs are estimated to be around $80 million.1
“Longboard was founded to transform the lives of people living with devastating neurological conditions. I am incredibly proud of what our team has achieved; delivering groundbreaking data with a differentiated and inclusive clinical approach to address the needs of a wide range of DEEs and obtaining Breakthrough Therapy designation,” stated Kevin R. Lind, president, CEO, Longboard, in the press release. “I would like to thank the entire DEE community, in particular bexicaserin’s study participants and their caregivers as well as the advocacy groups, investigators, sites and coordinators for their support and partnership. Lundbeck’s remarkable capabilities will accelerate our vision to provide increased equity and access for underserved DEE patients with significant unmet medical needs.”
Reference
1. Lundbeck to acquire Longboard Pharmaceuticals in a strategic deal, significantly enhancing its neuroscience pipeline. Lundbeck. October 14, 2024. Accessed October 14, 2024. https://www.newsroom.lundbeckus.com/news-release/2024/lundbeck-to-acquire-longboard-pharmaceuticals-in-a-strategic-dea
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