Lundbeck to get $55.6 million from sale of properties

5 May 2017

Danish CNS specialist Lundbeck (LUND: CO) has today signed a conditional agreement regarding the sale of two buildings (around 33,000 m2) on the Valby site in Copenhagen to the Danish pension funds Juristernes og Økonomernes Pensionskasse (JØP) and Danske civil- og akademiingeniørers Pensionskasse (DIP).

Provided that the pre-specified conditions are met, Lundbeck will receive a cash payment of 378 million Danish kroner ($55.6 million) in December 2017. The payment will be recognized as other operating income in the second half of 2017.

Lundbeck anticipates that the transaction will become final and unconditional in the second half of 2017 with a potential positive effect on the P&L and financial guidance of around 200 million kroner everything else being equal. If the required conditions are not fulfilled, the transaction will not be completed and Lundbeck will not receive any payment.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK