Pharma BD Deal Intelligence
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →Piper Jaffray analyst Danielle Brill said 'we can't imagine any investor wanted to see Alder launch eptinezumab alone'—signaling relief that Lundbeck's…
FiercePharma reported Alder had been seeking only an ex-US partner; Lundbeck escalated to a full buyout, suggesting strategic conviction in IV CGRP…
Vyepti (eptinezumab) revenue reached DKK 2,909 million in FY2024 following an increase of +72% at constant exchange rates; total group revenue a record DKK…
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Lundbeck agreed to acquire Alder BioPharmaceuticals for $18.00 per share upfront in cash plus a $2.00 per share CVR tied to FDA approval, totaling up to $1.95B. Lead asset eptinezumab (later approved as Vyepti) is the first IV-administered anti-CGRP monoclonal antibody for migraine prevention. Closed October 2019. Post-close, the thesis has been strongly validated commercially: Vyepti became one of Lundbeck's fastest-growing strategic brands, reaching DKK 2,909M in FY2024 (+72% CER) and DKK 3,254M in the first nine months of 2025 (+57% CER), and was the fastest-growing anti-CGRP in the U.S. at 11.2% market share by September 2025. A label-expansion attempt in episodic cluster headache failed, however: Lundbeck's Phase 2/3 trial (NCT04688775) missed its primary endpoint (-4.0 vs -4.6 weekly attacks for placebo, p=0.5048), so Vyepti remains a migraine-prevention-only asset.
Assessment window: 5yr post-close.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| H. Lundbeck A/S / Alder BioPharmaceuticals, Inc. (this deal) | 2019 | $1.9B | — |
| H. Lundbeck A/S / Prexton Therapeutics BV | 2018 | $1.1B | 14 |
| Novartis AG / Advanced Accelerator Applications S.A. | 2017 | $3.9B | 98 |
| Allergan plc / Merck & Co., Inc. (CGRP receptor antagonist program) | 2015 | $250M | 91 |
| Cephalon Inc. / Laboratoire L. Lafon S.A. (Group Lafon) | 2000 | $450M | 89 |
| Teva Pharmaceutical Industries Ltd. / Auspex Pharmaceuticals | 2015 | $3.5B | 86 |
| Teva Pharmaceutical Industries Ltd. / Biogal Pharmaceutical | 1995 | — | 82 |
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