Lundbeck sells shares in LifeCycle

Lundbeck is selling its shares in LifeCycle for 276 million Danish krone (34.4 million pounds), it has emerged.

Set to be sold to the Lundbeck Foundation’s investment and holding company LFI, the shares will be traded along with ownership interests in four small private equity funds.

The business notes the sale of the stock is the result of disposing investments “that are not of strategic importance to the company”.

Commenting on the divestment, the company’s chief financial officer Anders Gotzsche said the business was “pleased” it will strengthen Lundbeck Foundation’s efforts to become an active life science partner.

He continued to note the organisation will “diversify its investment strategy into more active operations, and this transaction is the first example of the strategy”.

Lundbeck added LifeCycle shares will be sold at a price of 18 Danish krone (2.24 pounds) per share.

Last month, the company initiated phase III trials on desmoteplase on 320 patients.

The product is used for the treatment of acute ischemic stroke.