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.
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