One day after announcing a drop in quarterly sales and profits, Danish drugmaker Lundbeck said it will pick up Chelsea Therapeutics for cash and contingent value rights in a deal worth up to $658 million.
After months of speculation and Wall Street tremulance, Chelsea Therapeutics finally got its buyout deal: Lundbeck has agreed to pick up the biotech for as much as $658 million, provided its banner drug can come through on the sales front.
Chelsea Therapeutics saw its shares soar roughly 15% on Thursday thanks to rumors that it could be in line for a Big Pharma buyout. But a deeper look at the issue reveals neither market-wide chatter nor unnamed-source speculation; just a single analyst reading of tea leaves, leading to what could be yet another disparity between smoke and fire in the biopharma M&A world.
Chelsea Therapeutics' antidizziness drug Northera finally came out a winner at the FDA, securing approval to fight faintness in patients with a rare disorder.
In its second trip through the FDA, Chelsea Therapeutics' antidizziness drug came out a winner, securing approval to fight faintness in patients with a rare disorder, but not without a daunting label and some strings attached.
Once again a group of outside FDA experts has shrugged off the agency's concerns about Chelsea Therapeutics' drug Northera (droxidopa) and voted to recommend an approval. And once again investors were thrilled to see the endorsement, sending shares of the biotech up about 150% on the lopsided 16-to-1 win.
Chelsea Therapeutics was struggling to overcome a series of setbacks a year ago, which had been crowned by the FDA's rejection of Northera (droxidopa). And then the biotech made a surprise announcement.
In another setback for Chelsea Therapeutics, drug regulators have identified certain technical deficiencies for the biotech's lead investigational therapeutic Northera (droxidopa) in a review of the company's resubmitted New Drug Application.
Last summer Chelsea Therapeutics did some painful belt tightening after its stock price plunged following the FDA's decision to reject its application for Northera (droxidopa), saying the biotech would have to pull off another study of its experimental drug before it could win an OK.
Chelsea Therapeutics failed to impress investors with the latest batch of data from a Phase III program for experimental drug Northera. The struggling biotech was unable to show statistical significance in reduction of falls and injuries in Parkinson's patients on the drug, precipitating yet another drop in the company's stock price in after-hours trading.