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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

Inaugural address: Biden vows to be "a president for all Americans"

Moments after taking the oath of office, President Joe Biden sought to soothe a nation riven by political divisions and a global pandemic, while warning that "we have far to go" to heal the country and defeat a "virus that silently stalks the the country."

Why it matters: From the same steps that a pro-Trump mob launched an assault on Congress two weeks earlier, the new president paid deference to the endurance of American political institutions.

Updated 54 mins ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Biden and Vice President Harris review readiness of military troops, a long-standing tradition to signify the peaceful transfer of power.

Updated 1 hour ago - Politics & Policy

In photos: The Biden and Harris inauguration

Joe Biden is sworn in as the 46th president of the United States. Photo: Alex Wong/Getty Images

Joe Biden and Kamala Harris were inaugurated as president and vice president respectively in a ceremony at the U.S. Capitol on Wednesday morning.

Why it matters: Top Democrats and Republicans gathered for the peaceful transfer of power only two weeks after an unprecedented siege on the building by Trump supporters to disrupt certification of Biden's victory. Trump did not attend Wednesday's ceremony.