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Lundbeck to acquire Ovation

February 10, 2009 2:12 AM UTC

H. Lundbeck (CSE:LUN) will acquire Ovation (Deerfield, Ill.) for $600 million up front in cash. Ovation shareholders also are eligible for up to $300 million in milestones related to approval of Sabril vigabatrin, an irreversible inhibitor of GABA-transaminase to treat refractory complex partial seizures in adults and infantile spasms. An FDA advisory panel recommended approval of the compound last month (See BioCentury, Jan. 12, 2009).

Lundbeck said Ovation will give it a commercial platform in the U.S. along with a portfolio of 15 products marketed in the U.S. and a late-stage pipeline of CNS products. Lundbeck gains U.S. rights to Xenazine tetrabenazine, a selective inhibitor of vesicular monoamine transporter 2 (VMAT2) marketed to treat chorea associated with Huntington's disease (HD); and ATryn, a recombinant antithrombin approved by FDA on Friday to prevent thromboembolic events in hereditary antithrombin deficient (HAD) patients. ...