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

Updated 40 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Politics: Trump says if Biden's elected, "he'll listen to the scientists"Trump calls Fauci a "disaster" on campaign call.
  2. Health: Coronavirus hospitalizations are on the rise — 8 states set single-day coronavirus case records last week.
  3. States: Wisconsin judge reimposes capacity limit on indoor venues.
  4. Media: Trump attacks CNN as "dumb b*stards" for continuing to cover pandemic.
  5. Business: Consumer confidence surveys show Americans are getting nervousHow China's economy bounced back from coronavirus.
  6. Sports: We've entered the era of limited fan attendance.
  7. Education: Why education technology can’t save remote learning.
2 hours ago - Health

Trump attacks CNN as "dumb b*stards" for continuing to cover pandemic

President Trump attacked CNN for continuing to cover the coronavirus pandemic, calling the network "dumb b*stards" at a campaign rally in Prescott, Arizona on Monday.

Why it matters: The president's attacks on the media and Anthony Fauci, the government's top infectious-disease expert, come as coronavirus cases and hospitalizations are again surging across the country, just two weeks out from Election Day.

3 hours ago - World

Deal to remove Sudan as terror sponsor paves way for Israel move

President Trump announced Monday that he will be removing Sudan from the State Department’s state sponsors of terrorism list after the Sudanese government agreed to pay $335 million in compensation for families of American victims of terrorism.

The big picture: Trump's announcement is part of a wider agreement that is expected to include moves from Sudan toward normalizing relations with Israel.