Lundbeck to acquire Abide Therapeutics for $250 million

Danish pharmaceutical company Lundbeck will acquire Abide Therapeutics, it has been announced.

In a statement on Monday, May 6, Lundbeck said it had signed a definitive agreement under which it will pay $250 million upfront to acquire the biotechnology company.

It said it will also pay future development and sales milestones to the current owners of up to $150 million.

Lundbeck said the acquisition provides it with a novel discovery platform and a US-based research hub.

Deborah Dunsire, the president and CEO of Lundbeck said: “Abide’s innovative research and development platform will provide it with a unique opportunity to strengthen its pipeline.”

Abide’s platform has previously discovered potent and selective serine hydrolase inhibitors, one of the largest classes of enzymes found in nature.

Serine hydrolases have vital roles in many pathophysiological processes, including blood clotting, digestion, nervous system signalling, inflammation and cancer.

After closing, Abide’s laboratory in La Jolla, California, will become a US-based drug discovery hub for Lundbeck.

“Lundbeck’s commitment to brain health convinced us that this was the best way to attain Abide’s goal to develop novel therapeutics that make a fundamental difference in the lives of patients,” said Alan Ezekowitz, CEO of Abide.

The transaction is expected to close during the second quarter of 2019.

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