Lundbeck divests companies

The company sells all shares in one listed company plus divests four small private equity funds, for a three-figured million sum.
The Danish pharmaceutical company Lundbeck has decided to divest areas that are not considered of strategic value. One of the assets to be divested by Lundbeck is the listed company Lifecycle Pharma. On sale are also four small private equity funds. The buyer is Lundbeck Foundation, through the investment and holding company LFI who pays DKK 188 per share in Lifecycle Pharma, a total price of DKK 276 million for the whole company. The Lifecycle pharma sales provides Lundbeck with a profit of DKK 124 million, that will be recognized as revenue in the financial statement of Q1.

"We aim to build Lundbeck into the world's leading pharmaceutical company in the field of brain disorders, 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.

The price of the ownership interests in the private equity funds is not disclosed, since it is still under calculation. According to Lundbeck the price is “close to the net asset value”. Over the years, the ownership interests have been revalued over Lundbeck's equity and not the profit and loss statement. Upon a sale of these assets, Lundbeck must therefore expense any impairment charges made over the years. The divestment thus leads to costs of approximately DKK 96 million, which will be recognised in Q4 of 2008.
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