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Illustration: Axios Visuals

Lundbeck, a Danish pharma company focused on brain disease, agreed to buy Alder BioPharmaceuticals, a Bothell, Washington-based developer of migraine drugs, for almost $2 billion in cash.

Why it matters: This is the patent cliff in practice. Lundbeck soon will lose patent protection on Parkinson's drug Northera and hopes that Alder's lead drug candidate (eptinezumab) will get regulatory approval to fill the revenue gap.

  • Details: Alder will pay $18 per share upfront, representing a 79% premium on Friday's closing price and another $2 per share if European regulatory approval is obtained.

The bottom line: "If the FDA approves eptinezumab in February, the drug will become the fourth anti-CGRP drug available in the U.S. ... Those drugs racked up sales of $233 million in the first half of 2019 and are tipped for further growth. Lundbeck, which plans to file for approval in the EU next year, will need to find a way to persuade payers and physicians to choose eptinezumab over the competition," writes Nick Paul Taylor of FierceBiotech.

Go deeper

Bryan Walsh, author of Future
2 hours ago - Politics & Policy

Axios AM Deep Dive: America’s murder surge

Photo illustration: Sarah Grillo/Axios. Photo: Erik McGregor/LightRocket via Getty Images

Homicides rose at the fastest rate in at least six decades last year. This Axios AM Deep Dive, led by Future correspondent Bryan Walsh, looks at the state of gun crime.

6 hours ago - Politics & Policy

Senate Democrats target billionaires

Illustration: Annelise Capossela/Axios

After failing to get a deal on other planned tax increases, key Senate Democrats are pivoting to a billionaires' income tax to pay for President Biden's social spending.

The big picture: No advanced economy has attempted anything similar on such a scale.

Anti-abortion activists' Supreme Court dreams are coming true

Photo illustration: Annelise Capossela. Photos: Kevin Dietsch/Getty Images

This is the moment the conservative legal movement has been building toward for decades: The solidly conservative Supreme Court is about to hear two major abortion cases within a month of each other.

Why it matters: All of this is likely to end with significant new restrictions on abortion and a clear path for Republican-led states to win the next big abortion cases, too — the culmination of a long and bitter fight for control of the judiciary.