Denmark-listed drugs developer H Lundbeck has invested £10.3m ($16m) in UK-based Proximagen Group as part of a strategic partnership to treat central nervous system (CNS) disorders. Lundbeck is buying 5.7 million shares at £1.80 each, a 36% premium over its six-month average price before the offer. A steering committee from both companies will focus on developing three of Proximagen’s programmes, with the aim of identifying novel innovative therapies for serious diseases such as epilepsy, pain and inflammatory disorders. Lundbeck will also receive "certain negotiation rights" in relation to these programmes. Kenneth Mulvany, Proximagen’s chief executive, said: "Acquiring and developing high quality assets, mitigating risk and building closer relationships with Big Pharma are three of our strategic priorities." In October last year, Proximagen sold a similar stake to Upsher-Smith Laboratories as part of an exclusive agreement for a treatment to Parkinson’s disease.
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Lundbeck pipes into Proximagen Group
Oct 2, 2011 • James Mawson
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