Lundbeck to divest non-strategic investments to the Lundbeck Foundation
H. Lundbeck A/S (Lundbeck) is selling its shares in the listed company LifeCycle Pharma A/S and ownership interests in four small private equity funds to the Lundbeck Foundation's investment and holding company LFI a/s. The transaction is the result of Lundbeck's decision to dispose of investments that are not of strategic importance to the company.
"We aim to build Lundbeck into the world's leading pharmaceutical company in the field of neurology, and activities that do not add any strategic value will therefore be divested. We are pleased that this divestment will strengthen the Lundbeck Foundation in its efforts to become an active life science partner," says Lundbeck's CFO Anders Götzsche.
For the Lundbeck Foundation, the transaction underlines the foundation's new investment strategy, the cornerstone of which is incremental investments in life science.
The shares in LifeCycle Pharma are traded at a price of DKK 18 per share, corresponding to a total price of DKK 276 million, providing Lundbeck with a profit of approximately DKK 124 million relative to the carrying amount of the shares. The profit will be recognised as revenue in Lundbeck's financial statements for the first quarter of 2009.
Other news from the department business & finance
