Healthcare Industry News: H. Lundbeck
News Release - February 8, 2007
Lundbeck USA Signs Lease Agreement to Establish U.S. Headquarters in King of Prussia, Pennsylvania
KING OF PRUSSIA, Pa.--(HSMN NewsFeed)--Lundbeck USA announced today that it signed a lease agreement for office space with an affiliate of BPG Properties, Ltd., at Executive Terrace, located at 455 S. Gulph Road, King of Prussia, Pennsylvania. This announcement follows the prior announcement by Lundbeck USA in October that it was establishing its U.S. headquarters, with 50 to 75, employees in the Philadelphia area. Lundbeck USA anticipates hiring more than 300 employees nationwide over the next several years.Lundbeck USA is a wholly owned subsidiary of Danish pharmaceutical company, H. Lundbeck A/S. H. Lundbeck A/S, and its partners develop, license, and market some of the worlds most innovative and relied upon psychiatric and neurological drugs such as Lexapro®, Azilect®, and Ebixa®. H. Lundbeck A/S has operations in more than 50 countries and more than 5,000 employees worldwide. H. Lundbeck A/S reported 2005 revenues of more than $1.5 billion.
Patrick Cashman, President, U.S. Sales and Marketing Operations said, "We are proud to announce our decision to locate Lundbeck's U.S. operations in the Greater Philadelphia region. Lundbeck evaluated several potential locations; however, King of Prussia was the most attractive because of the proximity to key talent; a community of pharmaceutical leaders; a state government that cares about the life sciences and a life style for families to flourish." Cashman went on to say that, "Our decision to locate in King of Prussia was largely influenced by notable leaders like Frank Baldino Jr., Chairman and CEO of Cephalon, as well as Tom Morr, President of Select Greater Philadelphia and Dennis M. 'Mickey' Flynn, President of Pennsylvania Bio."
"Pennsylvania's medical manufacturing and pharmaceutical industries continue to grow thanks to our targeted investments and competitive business climate," said PA Secretary for Community and Economic Development Dennis Yablonsky. "Our investments in this vital growth sector as well as our strong research institutions and well-educated workers continue to attract more businesses to invest and grow in Pennsylvania."
Frank Baldino Jr., Chairman and CEO of Cephalon said, "There are many reasons why biotech and pharmaceutical companies like ours locate in the Greater Philadelphia region, and I'm delighted that Lundbeck USA has decided to establish its U.S. headquarters here. My conversations with Patrick Cashman have convinced me that Lundbeck will be another significant player in the continued growth of the bio-pharmaceutical industry in this region with the potential to develop important new products to treat central nervous system disorders and improve patients' lives."
Tom Morr, President of Select Greater Philadelphia said, "Lundbeck's decision to locate in the Greater Philadelphia region is a clear demonstration that Philadelphia is a hotbed of life science companies and more are coming." Mickey Flynn added, "We are pleased to have Lundbeck join the thriving Biotechnology community in the Philadelphia region." Flynn went on to say, "Lundbeck's decision to locate in this region is further evidence that the legacy from the 2005 Biotechnology Annual Convention continues to flourish."
Lundbeck USA is collaborating with Merck & Co., Inc. on the development and future commercialization of an investigational compound that is currently in phase III development for the treatment of insomnia. Lundbeck USA and Merck & Co., Inc. are collaborating on all clinical development activities and the companies will co-promote the drug in the United States once it is approved by the US Food and Drug Administration. Lundbeck USA will be responsible for sales efforts directed to specialty care physicians, mainly psychiatrists and neurologists.
H. Lundbeck A/S is partnering with Forest Laboratories, Inc. to sell Lexapro® in the U.S.
ABOUT LUNDBECK
LUNDBECK USA (Commercial Operations)
Focusing on psychiatry and neurology, Lundbeck USA is a specialty pharmaceutical company committed to advancing Central Nervous System care in the United States by bringing advanced products and information to the medical community, especially psychiatrists and neurologists, and patients and caregivers.
For more information, please go to www.Lundbeck.us
LUNDBECK RESEARCH USA (Research Operations)
Lundbeck's research center of excellence for depression and anxiety in the United States, Lundbeck Research USA is engaged in drug discovery aimed at treating Central Nervous System diseases by designing small molecule therapeutics. Lundbeck Research USA is a world leader in G Protein-Coupled Receptor discovery research.
Qualified professionals interested in applying for open positions at Lundbeck USA may send resumes to Lundbeck@Ashtontweed.com.
Lundbeck USA and Lundbeck Research USA are subsidiaries of Denmark-based H Lundbeck A/S, a global leader in the Central Nervous System field.
Source: Lundbeck USA
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