Longboard Set to be Acquired by Lundbeck for $2.6B, Stock Soars 52%

Longboard Pharmaceuticals (LBPH) announced that it is set to be acquired by Lundbeck A/S for $60 per share in cash, which brings the total deal value to $2.6 billion equity value and $2.5 billion (approximately DKK 17 billion) net of cash, on a fully diluted basis. Shares of LBPH surged 51.7% in response to the news. The cash consideration represents a 77% premium over the 30-day volume-weighted average price of Longboard's common stock as of Sept. 30, 2024. The transaction has been unanimously approved by ...