Lundbeck to buy Parkinson's drug developer in potential 1.1 billion dollars deal
COPENHAGEN: Lundbeck agreed to buy Prexton Therapeutics, a specialist in treatments for brain disorders, in a deal potentially worth $1.1 billion, the Danish drugmaker said.
Prexton has drug candidate foliglurax in phase II testing for treatment of Parkinson’s disease, with first data expected to be available in the first half of 2019.
Lundbeck said the deal would have no impact on its financial guidance for 2018.
“Parkinson is one of our focus areas, so this fits perfect into our strategy of buying early-stage drugs,” Lundbeck interim Chief Executive Anders Gotzsche told Reuters.
More than half of the 805 million euros in potential payments s connected to sales milestones, Lundbeck said.
“Several drugs are available on the market, but there is still unmet demand,” Gotzsche said.
Gotzsche, who stepped in as CEO after industry veteran Kare Schultz was hired by Teva in September, said Lundbeck aimed to add another one or two drugs in clinical testing phase to its portfolio this year.
($1 = 0.8112 euros)
Reporting by Teis Jensen and Jacob Gronholt-Pedersen, additional reporting by Ludwig Burger; Editing by Mark Potter and John Stonestreet
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