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Ovation Pharmaceuticals Inc & H Lundbeck A/S	Update Date: 02/20/09
Date Announced: 02/09/09
Value (million $USD): 900.0 million U.S. Dollar

Status: Pending

TRANSACTION DETAILS
Date Announced	02/09/09
Date Originally Announced	02/09/09
Format	Merger	Acquisition techniques	Not Applicable
Attitude	Friendly	Agency	Unspecified Regulatory Auth.; Justice Department; Federal Trade Commission
Value	900.0 million U.S. Dollar	Advisor Fees	n/a

SYNOPSIS

US - H Lundbeck A/S (HL), through its wholly-owned Lundbeck Inc unit, definitively agreed to acquire all the outstanding stock of Ovation Pharmaceutical Inc (OP), a manufacturer of pharmaceuticals, from GTCR Golder Rauner LLC, for an estimated $900 mil. The consideration was to consist of $600 mil and up to $300 mil in profit-related payments. The transaction was approved by the Supervisory Board at HL and the Board of Directors of OP, and was subject to regulatory approvals.

TARGET
Name	Ovation Pharmaceuticals Inc
Industries	Medicinal chemicals and botanical products; Biological products, except diagnostic substances
City	Deerfield
State	IL
Nation	United States
Incorporated in	n/a
Public Status	Private
Business Description	Ovation Pharmaceuticals Inc, located in Deerfield, Illinois, manufactures pharmaceuticals focused on developing specialty compounds for the US market and for niche indications with high unmet medical needs. The company was founded in 2000.
Advisors	Goldman Sachs & Co; Morgan Stanley
Target Sales	37.5 million U.S. Dollar

ACQUIROR
Name	H Lundbeck A/S (Copenhagen : LUN)
Industries	Commercial physical and biological research
City	Copenhagen
State	n/a
Nation	Denmark
Incorporated in	n/a
Public Status	Public
Business Description	H Lundbeck A/S, located in Valby, Copenhagen, manufactures pharmaceutical products focusing on the treatment of psychiatric and neurological disorders, the company also provide pharmaceutical research and development services. The company was founded in August 1915.
Advisors	Deutsche Bank AG
Acquiror Sales	2.21 billion U.S. Dollar 11.68 billion Danish Krone

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