Longboard Pharma jumps on $2.6 bln Lundbeck buyout deal

H Lundbeck A/S

14/10/2024 12:01

** Shares of drug developer Longboard Pharmaceuticals
 LBPH.O  rise ~49.4% to $58.10 premarket
    ** Denmark's H Lundbeck A/S  HLUNb.CO  said it will acquire
Longboard in a $2.6 billion deal to boost its pipeline of
treatments for neuro-rare conditions
    ** Lundbeck will buy all of Longboard's shares for $60 per
share, which represents a premium of 54.2% to the stock's last
close of $38.90
    ** LBPH's lead drug candidate, bexicaserin, is in late-stage
development for seizures associated with a group of epilepsies 
    ** Up to last close, stock up more that six-fold YTD

    

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))