Shares of Longboard Pharmaceuticals, Inc. (LBPH) were surging more than 50 percent in pre-market on Monday on the news of it being acquired by H. Lundbeck A/S in a transaction valued about $2.6 billion.
As per the deal, Longboard shareholders will receive $60 per share, a premium of 54.2 percent to the closing price of Longboard shares on Friday.
The transaction is expected to close in the fourth quarter of 2024.
The company's stock had closed at $38.90, up 13.18 percent on Friday. It has traded in the range of $3.60 - $43.15 in the last 1 year.
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