Lundbeck reaches milestone with acquisition

Lundbeck said today it has reached a milestone with the acquisition of Ovation Pharmaceuticals, which it has bought in a cash transaction of up to $900 million (608 million pounds).

The Copenhagen-based company focuses on the development of treatments for central nervous system (CNS) disorders and stated the purchase of Ovation will help it develop a presence overseas.

The product portfolio of the latter firm is “promising” and addresses unmet needs for CNS disorder sufferers, Lundbeck added, describing Ovation as “an excellent match”.

President and chief executive officer Ulf Wiinberg added: “We are very encouraged by what Ovation has achieved in the short time since the company was founded and we look forward to working together in the common interest of both companies.”

The acquisition is expected to complete next month and Lundbeck assured patients and clients that neither company’s product availability will be affected by the development.

Ovation is based in Illinois, US. It has a current portfolio of over 20 different medicines.