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Feb 9, 2009

Lundbeck to Pay $900M for Ovation Pharmaceuticals

  • H. Lundbeck will acquire Ovation Pharmaceuticals in an all-cash transaction that values Ovation at up to $900 million (approximately DKK 5.2 billion). The boards of both companies have unanimously approved the transaction.

    The acquisition of Ovation delivers on Lundbeck's strategic goal to build a commercial infrastructure in the U.S. Ovation has a broad portfolio of marketed products and a pipeline of products primarily focused on CNS. That pipeline is expected to significantly drive growth in the coming years through multiple new product launches, according to the companies.

    Lundbeck will make an up-front payment of $600 million (or approximately DKK 3.5 billion) immediately upon closing of the transaction. Additional payments of up to $300 million (or approximately DKK 1.7 billion) within one year of closing are contingent upon the achievement of certain product regulatory milestones relating to the approvals of Sabril® by the FDA.

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