Ovation, Lundbeck deal

H. Lundbeck will acquire Ovation for $600 million in cash and up to $300 million in milestones related to approval of Sabril vigabatrin to treat refractory complex partial seizures in adults and infantile spasms. An FDA advisory panel recommended approval of the irreversible inhibitor of GABA-transaminase last month. Ovation is profitable and expects $204 million in 2008 revenues (see BioCentury, Jan. 12).

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 this month to prevent thromboembolic events in hereditary antithrombin deficient patients. Ovation has two Phase III compounds: Frisium clobazam, a 1,5-benzodiazepine compound to treat Lennox-Gastaut syndrome; and IV carbamazepine to treat epilepsy. ...