GTCR Selling Ovation Pharma for $900 Million
H. Lundbeck AS has agreed to acquire Ovation Pharmaceuticals Inc. for up to $900 million in cash. The deal includes a $600 million up-front payment that is expected to come next month, with the remaining $300 million contingent on Ovation reaching certain clinical milestones within one year of closing. Ovation Pharmaceuticals is a Deerfield, Ill.-based company formed in 2000, to develop specialty compounds for the US market and for niche indications with high unmet medical needs. GTCR-Golder Rauner acquired a majority stake in Ovation in 2002 for approximately $150 million.
10 February 2009•5 mins read
