Lundbeck successfully closes Ovation acquisition
20 March 2009 00:00 in Pharmaceutical Company Restructures
Lundbeck's acquisition of Ovation has been successfully closed after a 30-day review period required by law.
On February 9th, the former reached an agreement to purchase the latter in a cash transaction of approximately $900 million (623 million pounds).
The merger is part of Lundbeck's strategic goal to expand its commercial infrastructure and the new pipeline it will acquire is expected to drive growth in the future.
Following the deal, the company will have a broader portfolio of central nervous system (CNS) compounds and marketed products.
Ulf Wiinberg, chief executive officer of the firm, remarked he is delighted the transaction has been finalised.
He commented: "The acquisition of Ovation represents a major step in the establishment of a ? commercial platform and brings important products and a pipeline that will broaden our presence within CNS even further."
There is likely to be significant growth opportunities from Ovation in the future, Mr Wiinberg concluded.
Earlier this month, Lundbeck released its financial report for 2007. The management of the firm asserted the results had been "highly satisfactory".
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