Under the terms of the agreement, Lundbeck will make a tender offer for all outstanding shares of Longboard common stock, offering to pay Longboard shareholders $60.00 per share in cash.

The board of directors of both companies have unanimously approved the transaction, which is expected to close in the fourth quarter of 2024.

Through the acquisition of Longboard, Lundbeck gains access to bexicaserin, a novel 5-HT2C agonist in development for the treatment of seizures associated with developmental and epileptic encephalopathies (DEEs), including Dravet syndrome, Lennox-Gastaut syndrome, and other rare epilepsies. Bexicaserin has shown encouraging anti-seizure reduction in preclinical and clinical studies and is now being evaluated in a global Phase III clinical program.

“This transformative transaction will become a cornerstone in Lundbeck’s neuro-rare franchise, with a potential to drive growth into the next decade. Bexicaserin addresses a critical unmet need for patients suffering from rare and severe epilepsies, for which there are very few good treatment options available. With this acquisition, we continue to execute on our Focused Innovator strategy, transforming the lives of patients suffering from severe brain disorders," said Charl van Zyl, CEO of Lundbeck.

Kevin R. Lind, CEO of Longboard, added: “Longboard was founded to transform the lives of people living with devastating neurological conditions. I am incredibly proud of what our team has achieved; delivering groundbreaking data with a differentiated and inclusive clinical approach to address the needs of a wide range of DEEs and obtaining Breakthrough Therapy designation.”