Exhibition Stands News
Lundbeck acquires Ovation Pharmaceuticals
20 Mar 2009
Lundbeck has officially acquired Ovation Pharmaceuticals now a 30-day period required by the US Federal Trade Commission (FTC) has expired.
The former announced it has reached an agreement to purchase the latter on February 9th in a transaction which valued Ovation at up to $900 million (£621 million).
By acquiring the company, Lundbeck has advanced its strategic goal to create a commercial infrastructure in the USA.
Ulf Wiinberg, chief executive officer of the company, says the firm is "delighted" to have finalised the transaction, which will see Ovation become a fully-integrated subsidiary of Lundbeck.
"The acquisition of Ovation represents a major step in the establishment of a US commercial platform and brings important products and a pipeline that will broaden our presence within CNS even further," he adds.
Earlier this month, Lundbeck released its annual report for 2008, in which the firm noted the revenue generated in the 12-month period was the highest in its history.
