N.C. Today: Charlotte pharmaceutical to be acquired for up to $658 million

Cathy Martin - May 08, 2014 - 4:00:00 pm

Chelsea Therapeutics will be sold to Denmark-based H. Lundbeck A/S for up to $658 million. Lundbeck will market Chelsea's Northera, a treatment for a condition that causes dizziness and fainting and affects an estimated 300,000 people with diseases such as Parkinson's. Northera was approved by the FDA in February.

It's the second major acquisition of a North Carolina-based drug company announced within the past two weeks; Morrisville's Furiex Pharmaceuticals will be acquired by New York-based Forest Labs in a deal that could reach $1.5 billion.

Chelsea is led by Joseph Oliveto, who joined Chelsea in 2008 and was named CEO in January. Oliveto previously worked for Durham-based Pappas Ventures, a life-sciences venture capital firm, and for Swiss pharmaceutical company Hoffman-LaRoche.

The deal is expected to close in the third quarter.

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