Date: 2011-09-29
Type of information: R&D agreement
Compound: novel innovative therapies for serious diseases such as epilepsy, pain and inflammatory disorders
Company: Lundbeck (Denmark) Proximagen (UK)
Therapeutic area: CNS diseases - Inflammatory diseases - Neurological diseases
Type agreement: R&D
Action mechanism:
Disease: serious diseases such as epilepsy, pain and inflammatory disorders
Details: Lundbeck and Proximagen, acompany also with a focus on the treatment of disorders of the CNS, hav entered into a strategic partnership agreement. The agreement is designed to formalise a partnership between the two companies, a partnership in which Lundbeck and Proximagen will jointly apply their expertise in CNS drug development towards achieving their collective strategic and growth objectives.
As part of the Agreement, a steering committee involving experts from both companies will focus on developing three of Proximagen’s programmes, with the aim of identifying novel innovative therapies for serious diseases such as epilepsy, pain and inflammatory disorders. Lundbeck will also receive certain negotiation rights in relation to these programmes.
Financial terms: Under the terms of the Agreement, Proximagen will issue 5,738,100 new ordinary 1p shares (“New Shares”) to Lundbeck at a price of 180p per New Share. The total consideration paid for the New Shares will be £10,328,580 (€11.8 million). The subscription price of 180p represents a premium of 36% over the average daily closing price of Proximagen’s shares in the six month period from 29 March 2011 to 28 September 2011.
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