Lundbeck Completes Acquisition Of Chelsea Therapeutics

(RTTNews) - H. Lundbeck A/S said Tuesday that it has completed its acquisition of Chelsea Therapeutics International, Ltd. (CHTP) for US$6.44 per share in cash and non-transferable contingent value rights that may pay up to an additional US$1.50 per share upon achievement of certain sales milestones.

As a result of the acquisition, Chelsea became a wholly-owned indirect subsidiary of Lundbeck, and shares of Chelsea common stock will no longer be listed on the NASDAQ Capital Market.

Lundbeck expects to make NORTHERA available in the U.S. through specialty pharmacies in the fall of 2014. NORTHERA was approved by the U.S. Food and Drug Administration in February and is indicated for the treatment of orthostatic dizziness, lightheadedness, or the "feeling that you are about to black out" in adult patients with symptomatic neurogenic orthostatic hypotension caused by primary autonomic failure, dopamine beta-hydroxylase deficiency, and non-diabetic autonomic neuropathy. Effectiveness beyond two weeks of treatment has not been demonstrated.