H. Lundbeck A/S (OMX: LUN), the specialty pharmaceutical giant based in Denmark, announced its first acquisition in over a year. The company revealed it was buying Alder BioPharmaceuticals (NASDAQ: ALDR), a clinical-stage biopharmaceutical company focused on transforming migraine treatment through the discovery, development and commercialization of novel therapeutic antibodies. One product candidate is ALD1910, a monoclonal antibody for migraine prevention.
Lundbeck gains Alder’s eptinezumab product, an investigational monoclonal antibody for migraine prevention that it will develop and launch worldwide in the upcoming years. Lundbeck expects to see significant growth in its brain disease therapy portfolio from this acquisition. The transaction is expected to close in the fourth quarter of 2019.
The deal cost Lunbeck roughly $1.95 billion (DKK 13 billion), or $18 per share, but Alder shareholders will get $2 extra per share upon approval of eptinezumab by the European Medicines Agency. This has been the largest biotechnology acquisition in the third quarter based on price, according to our Deal Search Online database.
Agilent Technologies Inc.‘s (NYSE: A) $1.17 billion acquisition of BioTek Instruments, which designs, manufactures and distributes life science instrumentation worldwide, was not far behind. Its product line includes cell imaging systems, microplate readers, washers, dispensers, automated incubators, and stackers.