Lundbeck acquires migraine prevention drugmaker
Danish CNS specialist Lundbeck (LUND: CO) saw its share rise by 5.7% to 249.90 Danish kroner after it revealed plans to acquire a significant migraine asset with the takeover of US drug developer Alder BioPharmaceuticals (Nasdaq: ALDR), whose stock rocketed more than 80% to $15.15 in pre-market trading.
Under the terms of the agreement, Lundbeck will commence a tender offer for all outstanding shares of Alder, at upfront payment for $18.00 per share in cash, along with one non-tradeable Contingent Value Right (CVR) that entitles shareholders to an additional $2.00 per share upon approval of eptinezumab by the European Medicines Agency.
The transaction is valued at up to $1.95 billion net of cash, on a fully diluted basis, and is expected to close in the fourth quarter of 2019.
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