Pharma BD Deal Intelligence
A total loss: Lundbeck's 2018 acquisition of Prexton Therapeutics for foliglurax, a Phase 2 mGluR4 modulator for Parkinson's OFF-time and dyskinesia, ended in a complete EUR 100M write-off after the drug missed its Phase IIa primary endpoint in 2020—no product ever reached the market.
Total loss: foliglurax failed its Phase II endpoint in 2020 and Lundbeck wrote off the entire ~EUR 100M asset value
Full analysis, sources & comparables →Lundbeck is paying €100M ($123M) up front for Prexton's mid-phase Parkinson's candidate, with up to €805M in milestones. Mid-sized players would have preferred…
Foliglurax's failure in the AMBLED Phase 2 study marks the third major setback in Lundbeck's recent acquisition strategy, with the company writing down the…
Final published Phase 2 AMBLED data confirmed foliglurax failed to reduce OFF-time or dyskinesia versus placebo; Lundbeck discontinued development of the…
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Lundbeck announced March 2018 acquisition of Swiss biotech Prexton Therapeutics for EUR 100M (~$123M) upfront plus up to EUR 805M (~$992M) in clinical, regulatory and commercial milestones (total up to ~$1.1B). Adds foliglurax, a Phase 2 mGluR4 positive allosteric modulator targeting OFF-time reduction and L-DOPA-induced dyskinesia in Parkinson's disease.
Total loss: foliglurax failed its Phase II endpoint in 2020 and Lundbeck wrote off the entire ~EUR 100M asset value
Assessment window: 5yr post-close.
90K US cases/yr · $1.9B US PD treatment market 2024 · $82.2B Total US economic burden of PD (2024)
Parkinson's disease is a progressive neurodegenerative disorder caused by loss of dopaminergic neurons in the substantia nigra, producing tremor, bradykinesia, rigidity, and postural instability. Levodopa remains the cornerstone therapy, but chronic use causes motor fluctuations (OFF-time) and dyskinesias that erode quality of life and have driven decades of search for non-dopaminergic adjuncts.
The Parkinson's motor-fluctuation space is crowded but defined by levodopa-delivery innovation, not novel mechanisms. Leading approved options include AbbVie's Duopa (intestinal levodopa-carbidopa gel) and Vyalev (foscarbidopa/foslevodopa, 24-hr SC infusion, FDA-approved Oct 2024); Amneal's Rytary and Crexont (extended-release oral CD/LD, Crexont approved Aug 2024); and adjuncts such as Stalevo (CD/LD/entacapone) and Ongentys (opicapone). Mitsubishi Tanabe's ND0612 (subcutaneous CD/LD) is also in late-stage review. Against this backdrop, Lundbeck's foliglurax was a non-dopaminergic mGluR4 positive allosteric modulator intended to reduce OFF-time without adding to the dopaminergic burden — a potentially first-in-class differentiator that, if successful, would have unlocked a wider patient population earlier in the disease course (Fierce Biotech: https://www.fiercebiotech.com/biotech/lundbeck-to-buy-prexton-for-phase-2-parkinson-s-drug). The deal would have given Lundbeck a non-redundant Parkinson's franchise alongside its broader CNS portfolio. However, the Phase 2a AMBLED study (NCT03162874) failed both primary (OFF-time reduction) and secondary (dyskinesia) endpoints in 2020; Lundbeck wrote down the full EUR 100M asset value and discontinued development, validating skepticism that prior CNS programs had stoked.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| H. Lundbeck A/S / Prexton Therapeutics BV (this deal) | 2018 | $1.1B | 14 |
| H. Lundbeck A/S / Longboard Pharmaceuticals, Inc. | 2024 | $2.6B | 71 |
| H. Lundbeck A/S / Alder BioPharmaceuticals, Inc. | 2019 | $1.9B | — |
| 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 |
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