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H. Lundbeck today announced the investment of EUR 10 million in Biotie Therapies Corp. (Biotie) in Finland. Lundbeck has subscribed for 18,604,651 shares in Biotie at a subscription price of EUR 0.5375 per share representing less than 5% of the total equity capital in Biotie.

In connection with this transaction, to facilitate the potential launch of Selincro (nalmefene) outside of Europe, the royalty rates on Selincro in countries outside Europe and the US have been reduced. However, Biotie is to receive an additional sales milestone following the achievement of an undisclosed sales target in Japan, increasing the total milestone package to EUR 89 million from previously EUR 84 million.

Lundbeck holds worldwide development and commercialisation rights to Selincro, a novel opioid system modulator for the treatment of alcohol dependence. Lundbeck has filed a marketing authorization application for Selincro in the EU with European Medicines Agency (EMA) and a decision on potential approval is expected in the fourth quarter of 2012.

"We are now at a stage where we can start the discussions around the development strategy outside Europe and we are therefore pleased that we can amend the licensing agreement and further strengthen our commitment to Biotie. " says Executive Vice President Anders Gersel Pedersen, Head of Research & Development at Lundbeck, and continues: "Moreover, the equity investment in Biotie, which we have worked with since 2006, underlines our commitment to this project, but also to our ambition to making successful alliances with leading biotech companies"

• Lundbeck