Lundbeck sells its stake in US biotech firm Cephalon  

2003.06.03
The Danish pharmaceutical concern sells its stake in US biotech company Cephalon for USD 41 million

Danish pharmaceutical concern H Lundbeck has sold its stake in US biotech company Cephalon for USD 41 million (DKK 277 million). Lundbeck acquired 1 million shares in Cephalon in 1999 as part of a research partnership which still continues, drug candidate CEP-1347 for the treatment of Parkinson's disease being the most advanced project. The news is reported on Lundbeck's website.

 

"Our decision to sell our shareholding in Cephalon was based exclusively on the fact that the company has generated so much value in recent years that what started out as a small strategic investment in connection with our research partnership has performed extremely well" comments Hans Henrik Munch-Jensen, Executive Vice President and CFO.

 

"Lundbeck's future is created by investing in research, development and marketing of new, innovative drugs not by tying up resources in large shareholdings" he adds.

 

Headquartered in Valby Copenhagen, Lundbeck A/S is an international pharmaceutical company engaged in the research and development, production, marketing and sale of drugs for the treatment of psychiatric and neurological disorders. In 2002, the company's revenue was DKK 9.5 billion (USD 1.5 billion), and the number of employees 5,100.

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