Bloomberg News

Lundbeck Buys $16 Million Stake in Proximagen to Develop Drugs

September 29, 2011

Sept. 29 (Bloomberg) -- H. Lundbeck A/S, Denmark’s second- largest drugmaker, agreed to make a 10.3 million-pound ($16 million) investment in Proximagen Group plc as part of a strategic partnership agreement to develop drugs for epilepsy, pain and inflammatory disorders.

Under the agreement, London-based Proximagen will issue 5.7 million new shares to Lundbeck at a price of 180 pence a share, according to a statement distributed by Proximagen.

Link to Statement:{NSN LS9SQZ3HBS3N <GO>}

To contact the editor responsible for this story: Frances Schwartzkopff at fschwartzko1@bloomberg.net


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