Danish pharma firm Lundbeck in giant US acquisition move  

2009.02.11
Danish pharmaceutical firm Lundbeck is acquiring US-based Ovation Pharmaceuticals, Inc. in a USD 900m all-cash deal
The days when the OMX Copenhagen C-20 index of leading shares was nudging above 450 seem a very distant memory, although it was only last summer. These days it is clinging like a limpet around the 250 mark, with very little positive sentiment in evidence.
 
But a welcome ray of optimism broke through Monday with the announcement by C-20 listed Danish pharmaceutical firm Lundbeck that it is acquiring US-based Ovation Pharmaceuticals, Inc. in a USD 900m all-cash deal. Lundbeck's shares jumped over 7% on the news and closed up 5.6%
 
Ovation is a specialty pharmaceutical company focusing – like Lundbeck itself ­– on central nervous system disorders, and its portfolio includes the Parkinson's disease drug Cogentin as well as the attention-deficit/hyperactivity disorder treatment Desoxyn, reports financial daily newspaper Børsen.
 
Lundbeck CEO Ulf Wiinberg says in a press release that Ovation is an excellent match for Lundbeck: "Ovation will provide a commercial platform in the US 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."
 
Ovation CEO Jeffrey S. Aronin comments in the pres release that the deal is an exciting milestone for the Illinois-based company: "We are very impressed with the Lundbeck management team and joining forces with them will allow us to accelerate our efforts to address complex CNS disorders and expand the range of therapies we can bring to patients in need."
 
Link > Lundbeck                   

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