On Oct. 14, 2024, Lundbeck and Longboard Pharmaceuticals announced an agreement for Lundbeck to acquire Longboard for payment of USD 60.00 per share in cash. The transaction is valued at approximately USD $2.6 billion equity value and USD $2.5 billion (approximately DKK 17 billion) net of cash, on a fully diluted basis.

Longboard is a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases. The board of directors of both companies have unanimously approved the transaction. The transaction is expected to close in the fourth quarter of 2024.

Under the terms of the agreement, Lundbeck will commence a tender offer for all outstanding shares of Longboard common stock, whereby Longboard shareholders will be offered a payment for USD 60 per share in cash. The cash consideration represents a 77% premium to the 30-day volume-weighted average price (“VWAP”) of shares of Longboard common stock as of September 30, 2024.