- Companies
- Longboard Pharmaceuticals
Longboard Pharmaceuticals Acquisition, Valuation, Funding & Investors
Longboard Pharmaceuticals was acquired by Lundbeck for $2.6B in October 2024.
Cumulative funding Longboard Pharmaceuticals raised
$56M
across 1 funding round
Key investors in Longboard Pharmaceuticals
T. Rowe Price
Cormorant Asset Management
HBM Healthcare Investments
Farallon Capital Management
Highline Capital Management
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
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$2.6B (acquired Oct 2024)
Sectors
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.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 14 Oct 2024 | Strategic M&A | $2.6B |
Longboard Pharmaceuticals Funding History
Longboard Pharmaceuticals has raised a total of $56M across 1 funding round.
Longboard Pharmaceuticals funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Oct 2020 | Series A | Farallon Capital Management (lead); HBM Healthcare Investments; T. Rowe Price; Highline Capital Management; Cormorant Asset Management | $56M | Longboard 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Oct 2020 | ||
| 1 | Participant | Oct 2020 | ||
| 1 | Lead | Oct 2020 | ||
This data is available for Pro users. Sign up to see all 5 Longboard Pharmaceuticals investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialLongboard 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $2.6B | - | ||
| Publicly listed | $23M | ($231M) | $2.6B | 70.9x | ||
| Publicly listed | $84M | ($267M) | $2.6B | 31.6x | ||
| Publicly listed | $684M | $230M | $2.6B | 2.5x | ||
| Publicly listed | $688M | $232M | $2.6B | 4.0x | ||
| Private | - | - | $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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $23M | ($231M) | 88.3x | 70.9x | (8.6x) | (8.6x) | |||
| $84M | ($267M) | 26.9x | 31.6x | (8.5x) | - | |||
| $684M | $230M | 2.5x | 2.5x | 7.4x | 7.5x | |||
| $688M | $232M | 3.9x | 4.0x | 11.5x | 12.4x | |||
| $140M | ($101M) | 11.7x | 21.5x | (16.2x) | (3.7x) | |||
| $1.3B | $262M | 2.1x | 1.9x | 10.2x | 8.6x | |||
| - | ($236M) | - | - | (8.5x) | (7.4x) | |||
| - | ($207M) | - | - | (11.1x) | (10.8x) | |||
This data is available for Pro users. Sign up to see all Longboard Pharmaceuticals competitors and their valuation data. Start Free Trial | ||||||||
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
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




