Lundbeck, a Copenhagen, Denmark-based bio/pharmaceutical company, has agreed to acquire Longboard Pharmaceuticals, a La Jolla, California-based clinical-stage bio/pharmaceutical company developing medicines for neurological diseases, for $2.6 billion.  

Longboard’s lead asset is bexicaserin, in Phase III development, an anti-seizure drug for treating developmental and epileptic encephalopathies, a group of rare and severe epilepsies that cause seizures and developmental delay. 

Under the agreement, Lundbeck will commence a tender offer for all outstanding shares of Longboard common stock at $60.00 per share in cash. The transaction is valued at an approximately $2.6-billion equity value and $2.5 billion net of cash, on a fully diluted basis. 

The Board of Directors of both companies have unanimously approved the transaction. The transaction is expected to close in the fourth quarter of 2024, subject to the tender of at least a majority of the total number of Longboard outstanding voting shares, receipt of required regulatory clearances, and other customary conditions. 

Source: Lundbeck