Hit by a number of high-profile clinical failures in recent months, the Danish CNS-focused pharma Lundbeck Inc. plans to spend some of its cash pile on acquiring San Diego, CA-based biotech Abide Therapeutics Inc. The acquisition gives Lundbeck a differentiated chemical proteomic drug discovery platform focused on selective serine hydrolase inhibitors, a Phase II compound and preclinical assets, as well as a US-based research hub. Lundbeck’s offer of $250m upfront and the promise of an additional $150m should milestones be achieved has been accepted unanimously by Abide’s board.
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