Sept 29 (Reuters) – Danish drugmaker H Lundbeck A/S has expressed interest in acquiring Chicago-based Xeris Biopharma, Bloomberg News reported on Tuesday, citing people familiar with the matter.
Lundbeck has been working with advisers to explore a takeover of Xeris, according to the report. Lundbeck and Xeris did not immediately respond to Reuters requests for comment.
Xeris develops therapies across a range of diseases focusing on endocrine and rare neuromuscular conditions. It has three commercially available drugs: Recorlev, Gvoke and Keveyis.
In August, Xeris reported second-quarter revenue of $91 million on strong demand for Recorlev, which is used to treat high levels of the stress hormone cortisol in adults with the hormonal disorder Cushing’s syndrome. The drugmaker has a market capitalization of $1.79 billion as of last close.
Lundbeck focuses on developing therapies for psychiatric and neurological disorders, including depression, psychosis, migraine and epilepsy.
The company’s two largest products are antipsychotic pill Rexulti and infusion drug Vyepti, which helps prevent migraines.
Last month, Lundbeck posted stronger-than-expected second-quarter sales and said it does not see demand for its two main growth drugs slowing down.
(Reporting by Christy Santhosh in Bengaluru; Editing by Shilpi Majumdar and Diti Pujara)
