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HEALTHCARE: H Lundbeck (LUNDC: BBB-) Longboard

HEALTHCARE
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  • Longboard acquisition to close 2nd Dec
  • Cash purchase valued at $2.5bn net
  • This was announced on 14th Oct. It will be paid for with cash and bank financing
  • The company expects Bexicasein to generate $1.5-2bn in Peak Annual Sales but will not be launched until Q4 2028. Will have patent protection to 2041 as a rare drug for epilepsy
  • Leverage is expected to fall to <2.5x within 18-24 months from existing FCF
  • In the Capital Markets day - Oct 23rd - the company was at pains to stress the "significant organic debt capacity to fund.... Longboard" citing the reduction in debt post the Adler acquisition. ($2bn 2019)
  • It doesn't sound like they intend to issue a new bond any time soon.
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  • Longboard acquisition to close 2nd Dec
  • Cash purchase valued at $2.5bn net
  • This was announced on 14th Oct. It will be paid for with cash and bank financing
  • The company expects Bexicasein to generate $1.5-2bn in Peak Annual Sales but will not be launched until Q4 2028. Will have patent protection to 2041 as a rare drug for epilepsy
  • Leverage is expected to fall to <2.5x within 18-24 months from existing FCF
  • In the Capital Markets day - Oct 23rd - the company was at pains to stress the "significant organic debt capacity to fund.... Longboard" citing the reduction in debt post the Adler acquisition. ($2bn 2019)
  • It doesn't sound like they intend to issue a new bond any time soon.