Denmark's Lundbeck to buy Ovation for $900M
Danish drug firm Lundbeck A/S saw its share price leap as much as 13% on February 9, after the company revealed that it had entered into a definitive transaction to acquire USA-based Ovation Pharmaceuticals. Through its wholly-owned subsidiary Lundbeck Inc, it will buy Ovation in an all cash transaction valuing the latter at up to $900.0 million. The boards of both companies have unanimously approved the deal.
"This transaction marks a very important milestone for Lundbeck. Ovation is an excellent match for Lundbeck and will help us realize our strategic goals. Ovation will provide a commercial platform in the USA with a highly-experienced management team and specialty sales force, a late-stage development pipeline and a proven scientific and regulatory expertise in areas of high unmet medical needs," says Ulf Wiinberg, chief executive of the Danish firm.
Strategic rationale
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