Lundbeck to acquire Abide Therapeutics
Danish CNS specialist Lundbeck (LUND: CO) on Monday announced the signing of a definitive agreement into acquire La Jolla, USA-based Abide Therapeutics.
Under the terms of the agreement, Lundbeck may pay $250 million upfront with a commitment to pay future development and sales milestones to the group of current owners of up to $150 million. This acquisition provides Lundbeck a novel discovery platform and a USA-based research hub.
The transaction is expected to be financed by Lundbeck's existing cash reserves and is scheduled to close during the second quarter of 2019. News of the deal saw Lundbeck’s shares dip 1.36% to 283.00 Danish kroner by late morning trading.
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