Alder won’t solve Lundbeck’s headaches

Lundbeck has delivered on its promise of deals. But today’s acquisition of the migraine player Alder Pharmaceuticals, for up to $2bn, was not the balm that investors were looking for.

The price looks rich given that Alder’s anti-CGRP project eptinezumab is set to be fourth to market behind other, more patient-friendly options – and more convenient oral drugs could soon be coming. And, even if all goes well, it will be a long time before the acquisition pays off.