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H Lundbeck A/S to acquire Chelsea Therapeutics International Ltd

Thursday, 8 May 2014 07:54am EDT 

Chelsea Therapeutics International Ltd:H Lundbeck A/S entered into definitive agreement under which Lundbeck will acquire Chelsea.H Lundbeck A/S will commence tender offer for all outstanding shares of Chelsea.Chelsea stockholders will be offered an upfront payment and contingent value rights, representing total potential consideration of up to $7.94 per share, or $658 mln.Consideration includes $6.44 per share in cash, or about $530 mln on fully diluted basis, as well as CVRs that may pay up to total of an additional $1.50 upon achievement of certain commercial milestones related to NORTHERA's commercial performance in period 2015-2017.Merger will be effected as soon as possible after closing tender offer.Transaction is expected to be financed by Lundbeck's existing cash reserves.Transaction is expected to close Q3 of 2014.Moelis & Company acted as financial advisor and Cravath, Swaine & Moore LLP provided legal advice to Lundbeck.Deutsche Bank Securities Inc. and Torreya Capital acted as financial advisors, and Morgan, Lewis & Bockius LLP provided legal advice to Chelsea.