H. Lundbeck A/S Gets $55.6 Million From Sale Of Part Of Its HQ
Published: May 05, 2017
Valby, Denmark, 2017-05-05 11:28 CEST (GLOBE NEWSWIRE) --
- Two buildings on Lundbeck’s site in Valby, Denmark, divested to Juristernes og Økonomernes Pensionskasse (JØP) and Danske civil- og akademiingeniørers Pensionskasse (DIP)
- The transaction is subject to certain conditions being fulfilled
- Provided that the pre-specified conditions are met, Lundbeck will receive a cash payment of DKK 378 million in December 2017 and the transaction will have a positive effect on the P&L and financial guidance of around DKK 200 million
Valby, Denmark, 5 May 2017 - H. Lundbeck A/S (Lundbeck) has today signed a conditional agreement regarding the sale of properties (approximately 33,000 m2) on the Valby site in Copenhagen to the Danish pension funds Juristernes og Økonomernes Pensionskasse (JØP) and Danske civil- og akademiingeniørers Pensionskasse (DIP).
Provided that the pre-specified conditions are met, Lundbeck will receive a cash payment of DKK 378 million in December 2017. The payment will be recognized as other operating income in the second half of 2017.
Lundbeck anticipates that the transaction will become final and unconditional in the second half of 2017 with a potential positive effect on the P&L and financial guidance of around DKK 200 million everything else being equal. If the required conditions are not fulfilled, the transaction will not be completed and Lundbeck will not receive any payment.
|Palle Holm Olesen||Mads Kronborg|
|Vice President, Investor Relations||Senior Director, Corp. Communication|
|+45 30 83 24 26||+45 36 43 40 00|
About H. Lundbeck A/S
H. Lundbeck A/S (LUN.CO, LUN DC, HLUYY) is a global pharmaceutical company specialized in psychiatric and neurological disorders. For more than 70 years, we have been at the forefront of research within neuroscience. Our key areas of focus are Alzheimer's disease, depression, Parkinson's disease and schizophrenia.
Our approximately 5,000 employees in 55 countries are engaged in the entire value chain throughout research, development, manufacturing, marketing and sales. Our pipeline consists of several late-stage development programmes and our products are available in more than 100 countries. We have production facilities in Denmark, France and Italy. Lundbeck generated revenue of DKK 15.6 billion in 2016 (EUR 2.1 billion; USD 2.2 billion).
For additional information, we encourage you to visit our corporate site www.lundbeck.com and connect with us on Twitter at @Lundbeck.
Safe Harbor/Forward-Looking Statements
The above information contains forward-looking statements that provide our expectations or forecasts of future events such as new product introductions, product approvals and financial performance.
Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions. This may cause actual results to differ materially from expectations and it may cause any or all of our forward-looking statements here or in other publications to be wrong. Factors that may affect future results include interest rate and currency exchange rate fluctuations, delay or failure of development projects, production problems, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Lundbeck's products, introduction of competing products, Lundbeck's ability to successfully market both new and existing products, exposure to product liability and other lawsuits, changes in reimbursement rules and governmental laws and related interpretation thereof, and unexpected growth in costs and expenses.
Certain assumptions made by Lundbeck are required by Danish Securities Law for full disclosure of material corporate information. Some assumptions, including assumptions relating to sales associated with product that is prescribed for unapproved uses, are made taking into account past performances of other similar drugs for similar disease states or past performance of the same drug in other regions where the product is currently marketed. It is important to note that although physicians may, as part of their freedom to practice medicine in the US, prescribe approved drugs for any use they deem appropriate, including unapproved uses, at Lundbeck, promotion of unapproved uses is strictly prohibited.