Lundbeck (Buy, TP: DKK55.00) - Executing on M&A agenda
Ahead of the CMD due on 23 October, Lundbeck today announced the intention to acquire Longboard Pharmaceuticals for USD2.5bn, and its late-stage asset bexicaserin for the treatment of Developmental and Epileptic Encephalopathies (DEEs). We view the proposed acquisition as neutral, but believe Lundbeck’s M&A track record is better than the market perceives. We reiterate our BUY, but have raised our target price to DKK55 (52) on a greater Vyepti sales potential.H. Lundbeck develops, produces and markets drugs for treating diseases of the central nervous system. Products include antidepressants for the treatment of depression, panic disorder, and prevention of relapse/recurrence. Antipsychotic products for psychotic disorders; schizophrenia, anxiety, restlessness and insomnia; treatment of psychotic disorders; acute psychotic episodes, exacerbation of psychotic disorders. Co.'s products inclue Cipralex®/Lexapro® for the treatment of depression and anxiety; Ebixa® for the treatment of Alzheimer's disease; Azilect® for the treatment of Parkinson's disease; Xenazine®, Sabril®, Saphris® Sycrest®, Onfi, and other.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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