Longboard Pharmaceuticals Acquisition, Valuation, Funding & Investors

Longboard Pharmaceuticals was acquired by Lundbeck for $2.6B in October 2024.

Longboard Pharmaceuticals acquisition price

$2.6B

Acquired by Lundbeck · Oct 2024

Cumulative funding Longboard Pharmaceuticals raised

$56M

across 1 funding round

Key investors in Longboard Pharmaceuticals

Longboard Pharmaceuticals Overview

About Longboard Pharmaceuticals

Longboard Pharmaceuticals is a San Diego-headquartered clinical-stage biopharma company addressing rare epilepsies. Its pipeline features LP352, a 5-HT2C agonist in phase II for developmental epileptic encephalopathies; LP143, a CB2 agonist for rare disorders; and LP659, an S1P receptor modulator for neurological conditions.


Founded

2020

HQ

United StatesSan Diego, CA

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$2.6B (acquired Oct 2024)

Longboard Pharmaceuticals Acquisition

Longboard Pharmaceuticals was acquired by Lundbeck for $2.6B on 14 October 2024.

Before the acquisition Longboard Pharmaceuticals had raised $56M across 1 funding round.

Longboard Pharmaceuticals, a clinical-stage biopharmaceutical company focused on developing novel medicines for neurological diseases, was acquired by H. Lundbeck A/S, a Danish neuroscience-focused pharmaceutical company, in a $2.6 billion all-cash transaction announced on October 14, 2024, and completed on December 2, 2024. Lundbeck commenced a tender offer for all outstanding shares of Longboard common stock at $60 per share, representing a 54% premium to the October 11 closing price of $38.90, with a total equity value of $2.6 billion and $2.5 billion net of cash on a fully diluted basis. The deal was funded through Lundbeck's existing cash resources and bank financing facility, with integration costs of approximately $80 million impacting 2024, adjusted out of EBITDA; leverage is expected to return to under 2.5x NIBD/EBITDA within 18-24 months. The acquisition advances Lundbeck's Focused Innovator strategy by adding bexicaserin (LP352), a 5-HT2C receptor agonist in late-stage development for Developmental and Epileptic Encephalopathies (DEEs) including Dravet syndrome and Lennox-Gastaut syndrome, an area of high unmet need in neuro-rare conditions. Bexicaserin demonstrated compelling phase II efficacy, halving seizures in early trials, holds FDA Breakthrough Therapy Designation, and entered global phase III (DEEp program) in Q4 2024, with potential launch in Q4 2028 and global peak sales of $1.5-2 billion through 2041 IP protection. It complements Lundbeck's mid-to-late-stage pipeline, diversifies revenue, and strengthens its U.S. rare epilepsy presence amid programmatic M&A under CEO Charl van Zyl. The transaction closed in Q4 2024 after tendering a majority of shares and regulatory clearances, making Longboard a wholly owned Lundbeck subsidiary; tender offer documents were filed with the SEC, followed by a merger for non-tendered shares at the same price.

Longboard Pharmaceuticals acquisition details
AcquirerDateTypePrice
14 Oct 2024Strategic M&A$2.6B

Longboard Pharmaceuticals Funding History

Longboard Pharmaceuticals has raised a total of $56M across 1 funding round.

Longboard Pharmaceuticals funding rounds

Longboard Pharmaceuticals funding rounds
DateStageInvestorsRaisedDeal Summary
Oct 2020Series AFarallon Capital Management (lead); HBM Healthcare Investments; T. Rowe Price; Highline Capital Management; Cormorant Asset Management$56MLongboard Pharmaceuticals, Inc., formerly Arena Neuroscience, Inc., was launched on October 28, 2020, as a spin-out from Arena Pharmaceuticals, focusing on developing novel CNS-targeted assets discovered by Arena's GPCR research engine. The company targets treatment-resistant developmental and epileptic encephalopathies (DEE) with its clinical-stage program LP352, and preclinical programs LP143 and LP659 for microglial neuroinflammatory diseases. Arena Pharmaceuticals announced the launch alongside a $56 million financing round led by Farallon Capital Management, with participation from Cormorant Asset Management, HBM Healthcare Investments, Highside Capital Management, and T. Rowe Price. The financing consisted of a $56 million private placement of Series A convertible preferred stock completed in October 2020. Proceeds were designated to support the development of LP352 and the preclinical programs. Arena retained an equity position in Longboard and future royalty streams from the assets, allowing Arena shareholders to participate in the value creation. Longboard's leadership, under CEO Kevin R. Lind, aimed to advance these compounds for underserved patients with neurological conditions.

Who has invested in Longboard Pharmaceuticals?

5 investors have backed Longboard Pharmaceuticals across its funding rounds, including T. Rowe Price, Cormorant Asset Management, HBM Healthcare Investments, Farallon Capital Management and Highline Capital Management.

Lead investors include Farallon Capital Management.


Longboard Pharmaceuticals Investors

Investors in Longboard Pharmaceuticals by funding rounds participated
InvestorHQRoundsRoleFirst check
HBM Healthcare InvestmentsSwitzerlandZug1ParticipantOct 2020
T. Rowe PriceUnited StatesBaltimore, MD1ParticipantOct 2020
Farallon Capital ManagementUnited StatesSan Francisco, CA1LeadOct 2020

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Longboard Pharmaceuticals Competitors

Longboard Pharmaceuticals competitors include listed companies like NewAmsterdam Pharma, Nurix Therapeutics, Kanghong Pharmaceutical and Yili Chuannig Biotech, and private ones like Sail Biomedicines and Shiji Biotechnology.

Public and private companies comparable to Longboard Pharmaceuticals
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Sail BiomedicinesUnited StatesBoston, MAPrivate--$2.6B-
NewAmsterdam PharmaNetherlandsNetherlandsPublicly listed$23M($231M)$2.6B70.9x
Nurix TherapeuticsUnited StatesUnited StatesPublicly listed$84M($267M)$2.6B31.6x
Kanghong PharmaceuticalChinaChinaPublicly listed$684M$230M$2.6B2.5x
Yili Chuannig BiotechChinaChinaPublicly listed$688M$232M$2.6B4.0x
Shiji BiotechnologyChinaHefeiPrivate--$2.7B-

Longboard Pharmaceuticals Public Comps

Longboard Pharmaceuticals is no longer listed, but its public comps include NewAmsterdam Pharma, Nurix Therapeutics, Kanghong Pharmaceutical, Yili Chuannig Biotech, Beam Therapeutics, Almirall, Disc Medicine, Pharvaris, Jamjoom Pharma and Peptron.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
NewAmsterdam Pharma$23M($231M)88.3x70.9x(8.6x)(8.6x)
Nurix Therapeutics$84M($267M)26.9x31.6x(8.5x)-
Kanghong Pharmaceutical$684M$230M2.5x2.5x7.4x7.5x
Yili Chuannig Biotech$688M$232M3.9x4.0x11.5x12.4x
Beam Therapeutics$140M($101M)11.7x21.5x(16.2x)(3.7x)
Almirall$1.3B$262M2.1x1.9x10.2x8.6x
Disc Medicine-($236M)--(8.5x)(7.4x)
Pharvaris-($207M)--(11.1x)(10.8x)

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Common questions about Longboard Pharmaceuticals

When was Longboard Pharmaceuticals founded?Longboard Pharmaceuticals was founded in 2020.
Where is Longboard Pharmaceuticals headquartered?Longboard Pharmaceuticals is headquartered in San Diego, CA, United States.
Is Longboard Pharmaceuticals publicly listed?No, Longboard Pharmaceuticals was acquired by Lundbeck in October 2024.
Who acquired Longboard Pharmaceuticals?Longboard Pharmaceuticals was acquired by Lundbeck in October 2024.
How much was Longboard Pharmaceuticals acquired for?Longboard Pharmaceuticals was acquired for $2.6B in October 2024.
How much funding has Longboard Pharmaceuticals raised?Longboard Pharmaceuticals has raised $56M across 1 funding round.
What was Longboard Pharmaceuticals' last funding round?Longboard Pharmaceuticals' last funding round was a $56M Series A in October 2020, led by Farallon Capital Management.
Who are Longboard Pharmaceuticals' investors?Longboard Pharmaceuticals' investors include HBM Healthcare Investments, T. Rowe Price, Farallon Capital Management, Highline Capital Management and Cormorant Asset Management.
Which companies are comparable to Longboard Pharmaceuticals?Companies comparable to Longboard Pharmaceuticals include Sail Biomedicines, NewAmsterdam Pharma, Nurix Therapeutics, Kanghong Pharmaceutical, Yili Chuannig Biotech and Shiji Biotechnology.

See companies similar to Longboard Pharmaceuticals

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