Baker McKenzie advise Lundbeck in $2.6B Longboard Pharmaceuticals acquisition.

Baker McKenzie Leads Lundbeck’s $2.6B Deal For US Pharma Longboard

According to the agreement, Lundbeck plans to initiate a tender offer for all outstanding shares of Longboard’s common stock, offering Longboard shareholders a cash payment of USD 60.00 per share. This transaction is estimated to be worth around USD 2.6 billion in equity value and approximately USD 2.5 billion (about DKK 17 billion) net of cash, on a fully diluted basis.

The Danish pharmaceutical company is making headlines with its largest deal to date, aiming to enhance its portfolio with a promising epilepsy medication that could become a major success.

It aims to obtain approval for a medication designed to manage seizures linked to a rare group of epilepsies known as Developmental and Epileptic Encephalopathies (DEE), which primarily impact children. The companies estimate that approximately 220,000 individuals in the United States are affected by DEE syndromes.

Longboard’s bexicaserin is currently in the final stages of development for seizures related to Dravet syndrome and other DEEs, including Lennox Gastaut syndrome. “Bexicaserin stands out because other approved or developing drugs have different mechanisms or focus on just one specific type of DEE, often targeting a particular mutation,” noted B Riley analyst Kalpit Patel.

Advisors
For Lundbeck, PJT Partners LP is acting as exclusive financial advisor and Baker McKenzie is acting as legal
advisor in this transaction. For Longboard, Evercore and Centerview Partners LLC are acting as financial
advisors and Cooley LLP is acting as legal advisor.

H. Lundbeck

H. Lundbeck A/S is a global pharmaceutical company based in Denmark, focused on researching, developing, producing, marketing, and selling medications worldwide.