Chelsea Therapeutics (NASDAQ: CHTP) Acquired by Lundbeck (LUN.CO)

Brian Hicks

Written By Brian Hicks

Posted May 8, 2014

Danish pharmaceutical company H. Lundbeck A/S announced on Thursday that it is acquiring North Carolina-based Chelsea Therapeutics (NASDAQ: CHTP) for approximately $658 million.

Chelsea makes a blood pressure drug called Northera (droxidopa) that recently received FDA approval for launch in 2014. The drug is useful in the treatment of neurological conditions such as Parkinson’s Disease, and could potentially be useful in the treatment of such conditions as fibromyalgia and intradialytic hypotension.

Lundbeck described this drug as “an orphan neurology opportunity with strong commercial and strategic fit with Lundbeck’s existing U.S. neurology franchise.”

Chelsea stockholders will receive $6.44 per share in cash and CVRs that could add $1.50 depending upon how Northera performs on the market between 2015 and 2017. Shares closed at $5.00 yesterday.

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