Lundbeck to acquire Ovation Pharmaceuticals
Danish pharmaceutical company Lundbeck is to acquire US-based Ovation Pharmaceuticals, a pharmaceutical company focused on central nervous system disorders (CNS).
Danish pharmaceutical company Lundbeck is to acquire US-based Ovation Pharmaceuticals, a pharmaceutical company focused on central nervous system disorders (CNS).
Lundbeck will make an upfront payment of US$600m (Euro 464m) immediately upon closing the transaction. Additional payments of up to US$300m within one year of closing are contingent upon achieving product regulatory milestones relating to the approvals of Sabril, for adults with refractory complex partial seizures and children with infantile spasms, by the US Food & Drug Administration.
Ulf Wiinberg, president and chief executive at Lundbeck, said: "Ovation is an excellent match for Lundbeck and will help us realise our strategic goals. Ovation will provide a commercial platform in the US with a highly experienced management team and specialist sales force, a late-stage development pipeline and a proven scientific and regulatory expertise in areas of high unmet medical needs."
Jeffrey S Aronin, Ovation president and chief executive, added: "We've succeeded in achieving our mission of building a strong, fast-growing business by developing important medications for unmet medical needs of severely ill patients, and Lundbeck shares that commitment."
Pending final approvals and antitrust clearances, the transaction is expected to close next month.
Ovation's products on the market to address CNS disorders include Xenazine for chorea associated with Huntington's disease, Tranxene for anxiety disorders, Nembutal for acute convulsive disorders, Cogentin for Parkinson's disease and Desoxyn for ADHD.
