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H Lundbeck and Ovation Pharmaceuticals Inc (Ovation) today announced that they have entered into a definitive transaction agreement under which Lundbeck, through the wholly owned subsidiary Lundbeck Inc, will acquire Ovation in an all cash transaction valuing Ovation at up to $900 million or approximately DKK 5.2 billion.
The Supervisory Board at Lundbeck and the Board of Directors of Ovation have unanimously approved the transaction.
“This transaction marks a very important milestone for Lundbeck. Ovation is an excellent match for Lundbeck and will help us realise our strategic goals. 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”, says Ulf Wiinberg, President & Chief Executive Officer at Lundbeck.
“We are very encouraged by what Ovation has achieved in the short time since the company was founded and we look forward to working together in the common interest of both companies.”
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 products primarily focused on CNS. 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 primarily focused on CNS.
“This is an exciting milestone for our employees and our company,” says Jeffrey S Aronin, Ovation President and Chief Executive Officer.
“We’ve succeeded in achieving our mission of building a strong, fast growing business by developing important medications for unmet medical needs of severely ill patients – and Lundbeck shares that commitment. 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.
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