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HEALTHCARE: H Lundbeck (LUNDC: BBB-): Longboard Acquisition

HEALTHCARE
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  • Longboard is essentially a single-drug company which is still at Phase II
  • The drug - Bexicasein - will not be launched until Q4 2028, assuming all goes will with Phase III and FDA approval
  • IP Protection until 2041
  • Will meet rare-disease needs in epilepsy population. Note, rare-disease drugs have more patent protection in the US
  • Peak sales expected at $1.5-2bn
  • The company is talking about getting leverage back down <2.5x withing 18-24 months, this will come from existing FCF of $600m or so as Longboard will not be accretive in that period.

    Company Link
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  • Longboard is essentially a single-drug company which is still at Phase II
  • The drug - Bexicasein - will not be launched until Q4 2028, assuming all goes will with Phase III and FDA approval
  • IP Protection until 2041
  • Will meet rare-disease needs in epilepsy population. Note, rare-disease drugs have more patent protection in the US
  • Peak sales expected at $1.5-2bn
  • The company is talking about getting leverage back down <2.5x withing 18-24 months, this will come from existing FCF of $600m or so as Longboard will not be accretive in that period.

    Company Link