H. Lundbeck A/S’ acquisition of Ovation Pharmaceuticals Inc, announced on 9 February 2009, has successfully closed following expiration of the 30-day review period required by the U.S. Federal Trade Commission under the Hart-Scott-Rodino Act.
On 9 February 2009 Lundbeck announced that it had reached agreement to acquire Ovation in an all cash transaction valuing Ovation at up to USD 900 million or approximately DKK 5.2 billion. The acquisition of Ovation delivers on Lundbeck’s strategic goal to build a commercial infrastructure in the US. Ovation is a private, US-based, profitable and fast growing company, with a broad portfolio of marketed products and an attractive pipeline of new, innovative CNS products. The pipeline is expected to significantly drive growth in the coming years through multiple new product launches.
Following the transaction Lundbeck will have a diverse portfolio of marketed products and a broader pipeline of CNS compounds.
Lundbeck’s Chief Executive Officer Ulf Wiinberg commented: “We are delighted that the acquisition of Ovation is finalised. The acquisition of Ovation represents a major step in the establishment of a US commercial platform and brings important products and a pipeline that will broaden our presence within CNS even further. We see significant growth opportunities from Ovation in the years to come.”
The final FTC clearance and the subsequent integration of Ovation will impact Lundbeck’s guidance for 2009 as communicated on 4 March 2009. Lundbeck expects to provide financial guidance including Ovation in connection with the half year report 2009 at the latest.
Following today’s announcement Ovation will become a fully-integrated subsidiary of Lundbeck and will change its name to Lundbeck Inc.