M&A Lundbeck to acquire Alder

Lundbeck to acquire Alder BioPharmaceuticals for $1.95 billion;
Alder stock hits new 52-week high
September 16, 2019

• – a company committed to transforming migraine treatment and prevention – in a transaction valued at up to USD 1.95 billion net of cash 
• -Enhances Lundbeck’s leading portfolio of brain disease therapies with Alder’s highly complementary intravenous (IV) therapy for migraine prevention, eptinezumab 
• -Eptinezumab is an investigational monoclonal antibody (mAb) for migraine prevention targeting the calcitonin gene-related peptide (CGRP) with a PDUFA action date of 21 February 2020 
• -If approved, eptinezumab will be the first-to-market IV CGRP therapy for migraine prevention in the U.S. 
• -Lundbeck intends to develop and launch eptinezumab worldwide; U.S. launch, anticipated in 2020, will accelerate and diversify Lundbeck’s revenue growth, consistent with the strategy announced in February 2019 
• -The acquisition will further enhance Lundbeck’s antibody process and development capabilities 
• -Funding will be through existing cash resources and bank financing

Mas

Can Eptinezumab Make Its Mark in the Migraine Marketplace?

Alder Biopharmaceuticals’ monoclonal antibody was recently submitted in a BLA to the FDA and is on pace to hit the newly crowded preventive migraine market in early 2020

However, the market it will be entering is becoming increasingly crowded. 
In 2018, 3 other CGRP-focused inhibitors—erenumab (Aimovig, Amgen/Novartis), galcanezumab (Emgality, Eli Lilly), and fremanezumab (Ajovy, Teva)—were given the FDA go-ahead, giving patients with episodic and chronic migraine several preventive options in a once bare armamentarium. What gives eptinezumab an advantage may be its dosing frequency and its time to pain-relief.(...)

With less than a year before its approval in Alder’s planned timetable, eptinezumab may also be able to compete with its price—as the market has been set for its predecessors. The list price of erenumab is $6900 per year, although, in an Institute for Clinical and Economic Review (ICER) report, an applied industry-wide average discount rate of 27% dropped its estimated annual net price to $5000. 
Likewise, both galcanezumab and fremanezumab are being sold by Eli Lilly and Teva, respectively, at list prices of $6900 per year, or $575 per month.
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