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Lundbeck and Proximagen complete business negotiations

A link-up between the pair has been arranged that will see Lundbeck pump £10.3 million into Proximagen.

29 September 2011

Business negotiations have been completed on a deal that will see Lundbeck and Proximagen sign a strategic partnership agreement.

As part of the deal, an equity investment of £10.3 million is to be made by the former in the latter at a cost of 180p per share.

It sees the link-up between the two firms formalised and will see them apply their expertise to central nervous system (CNS) drug development.

Anders Gersel Pedersen, Lundbeck's executive vice -president for research and development, noted Proximagen has created an "exciting pipeline" of treatments that could have a major impact on the CNS field.

"This strategic partnership will provide Lundbeck with exposure to some very exciting research programmes," he added.

Kenneth Mulvany, chief executive officer of Proximagen - which last year acquired two CNS drug development programmes from fellow pharmaceutical company GlaxoSmithKline - noted the latest enterprise "validates our strategy" of developing high quality assets.

Posted by Ken Hayes

Source: Proximagen press release, September 29th

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