M&A · Healthcare · Pharmaceutical Preparations
Lundbeck to acquire Longboard Pharmaceuticals, Inc.
Announced Oct 14, 2024 · Closed Dec 2, 2024
Deal value$2.60BEV $2.59B
Premium80.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$60.00 per share
Transaction
- Acquirer
- Lundbeck
- Target
- Longboard Pharmaceuticals, Inc. (LBPH)
- Buyer type
- Strategic
- Offer price per share
- $60.00
- Enterprise value
- $2.59B
- Status
- Closed Dec 2, 2024
Deal protections
- Break fee (target pays)
- $86.1M · 3.3%
- Reverse fee (buyer pays)
- $159M · 6.1%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Evercore, Centerview
Sector context · Healthcare
- Comparable deals
- 99 in the prior 24 months
- Premium
- 80.0% vs. 67.0% sector median
- EV / Adj. EBITDA
- Sector median 17.2x
- Break fee
- 3.3% vs. 3.5% sector median
Timeline
- AnnouncedOct 14, 2024
- Tender offerOct 30, 2024
- ClosedDec 2, 2024
Valuation · fairness opinions
Discounted cash flow$53.70$64.95
Analyst price targets$44.00$90.00
Premiums paid$55.00$68.35
Offer $60.00
Implied value per Longboard Pharmaceuticals, Inc. share by analysis, from Centerview · DCF discount rate 13%–15%.