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news.GTCR, a private equity firm, has completed the previously announced sale of Ovation Pharmaceuticals, a biopharmaceutical company, to H Lundbeck, a Denmark-based pharmaceutical company. The all-cash transaction will include payments of up to $900 million.
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Ovation has received $600 million of cash consideration at closing and will receive up to an additional $300 million based on certain regulatory milestones for Sabril (vigabatrin), a drug currently under development by Ovation.
Goldman Sachs advised Ovation on its sale. Kirkland & Ellis and Katten Muchin Rosenman provided legal counsel to Ovation. Morgan Stanley advised GTCR on the transaction. Lundbeck was advised by Deutsche Bank and Morgan Lewis.
Jeffrey Aronin, president and CEO of Ovation, said: “We are very pleased to complete the sale of Ovation to Lundbeck. The Ovation team is excited to begin our new partnership with Lundbeck and to continue Ovation’s efforts to develop drugs for severely ill patients with unmet medical needs.”