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news.Lundbeck has agreed to acquire clinical-stage biopharmaceutical company Alder BioPharmaceuticals in a deal valued at around $1.95bn (£1.56bn).
Image: Lundbeck headquarters in Valby, Denmark. Photo: courtesy of H. Lundbeck A/S.
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Alder BioPharmaceuticals is involved in the discovery, development and commercialisation of novel therapeutic antibodies.
As per terms of the deal, Lundbeck will begin a tender offer for all outstanding shares of Alder. The stockholders of the clinical-stage biopharmaceutical firm will be provided with an upfront payment for $18 (£14.46) per share in cash, in addition to one non-tradeable contingent value right (CVR) of $2 (£1.60) per share.
The acquisition of Alder will enable Lundbeck to further improve its capabilities to deliver future biological innovations in brain diseases.
Alder is currently developing eptinezumab, an investigational monoclonal antibody (mAb), for the preventive treatment of migraine in adults. It is administered as a quarterly 30-minute IV infusion.
Eptinezumab will become the first IV CGRP therapy for migraine prevention if it is approved by the US Food and Drug Administration (FDA).
The company is also developing ALD1910, a mAb designed to block pituitary adenylate cyclase-activating polypeptide (PACAP) for migraine prevention.
In February this year, Alder submitted a biologics licence application (BLA) to the FDA for eptinezumab. Lundbeck is planning to submit eptinezumab for approval to regulatory authorities in the European Union during 2020.
The submissions for approval of eptinezumab will be followed in other regions across the world, including China and Japan.
Subject to customary closing conditions, the deal is expected to be completed in the fourth quarter of this year.
Alder president and CEO Bob Azelby said: “As a global leader in neuroscience research with products registered in more than 100 countries and a strong network of neurology specialists, Lundbeck is the ideal partner to advance Alder’s mission of changing the treatment paradigm for migraine prevention.
“Importantly, today’s news provides Alder shareholders with significant and immediate cash value, as well as the ability to benefit further once eptinezumab is approved by the EMA.”
In May this year, Lundbeck agreed to acquire Abide Therapeutics, a US-based clinical-stage biopharma company, in a deal worth up to $400m (£321m).
With around 5,500 employees in more than 50 countries, Lundbeck is a global pharmaceutical company specialised in brain diseases.
