Pharma BD Deal Intelligence
On October 14, 2024, H. Lundbeck A/S agreed to acquire Longboard Pharmaceuticals for $60.00 per share in cash via tender offer, an equity value of approximately $2.6 billion (approximately $2.5 billion, or about DKK 17 billion, net of cash) on a fully diluted basis. The price represented a 54% premium to Longboard's prior close of $38.90. The transaction was unanimously approved by both boards. The strategic driver is bexicaserin (LP352), a selective 5-HT2c receptor superagonist in Phase 3 development with FDA Breakthrough Therapy designation for seizures associated with developmental and epileptic encephalopathies, including Dravet syndrome and Lennox-Gastaut syndrome. Lundbeck guided to peak sales of $1.5-2 billion for bexicaserin and related programs. Closing was conditioned on tender of a majority of outstanding shares and regulatory clearances, and was expected in Q4 2024.
Assessment window: 5yr post-close.
Note: this deal's 5-year assessment window closes ~2029; the outcome grade above is a projected assessment, not yet finalized.
Lennox-Gastaut syndrome is a severe childhood-onset epileptic encephalopathy, typically presenting between ages 3 and 7 and persisting into adulthood, characterised by multiple seizure types and progressive cognitive impairment.
Multiple approved anti-seizure medicines (rufinamide, clobazam, cannabidiol, fenfluramine) leave most patients with uncontrolled seizures, supporting continued demand for mechanistically novel agents.
Dravet syndrome is a severe, treatment-resistant developmental and epileptic encephalopathy with onset in the first 2-15 months of life. Seizures are frequently febrile and prolonged, and the disorder carries substantial cognitive and mortality burden.
Standard of care includes valproate, clobazam, stiripentol, fenfluramine (Fintepla) and cannabidiol (Epidiolex). Bexicaserin, a selective 5-HT2c superagonist, was positioned as a next-generation serotonergic option across DEEs rather than a single-syndrome therapy.
H. Lundbeck A/S agreed to acquire Longboard Pharmaceuticals for $60.00 per share in cash (~$2.6B equity value), a 54% premium, to add Phase 3 bexicaserin in developmental and epileptic encephalopathies.
Lundbeck commenced the cash tender offer for all outstanding Longboard shares; closing was conditioned on a majority tender and regulatory clearances, targeted for Q4 2024.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| H. Lundbeck A/S / Longboard Pharmaceuticals, Inc. (this deal) | 2024 | $2.6B | 71 |
| H. Lundbeck A/S / Prexton Therapeutics BV | 2018 | $1.1B | 14 |
| H. Lundbeck A/S / Alder BioPharmaceuticals, Inc. | 2019 | $1.9B | — |
| Nuvation Bio Inc. / AnHeart Therapeutics, Ltd. | 2024 | — | 100 |
| Novo Holdings A/S / Catalent (manufacturing sites) | 2024 | $11.0B | 81 |
| Novartis AG / PTC Therapeutics Inc. | 2024 | $2.9B | 80 |
| Vertex Pharmaceuticals Incorporated / Alpine Immune Sciences | 2024 | $4.9B | 78 |
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