GTCR Completes the Sale of Ovation Pharmaceuticals to Lundbeck

CHICAGO, March 19, 2009 – GTCR, one of the nation’s leading private equity firms, announced today that it has completed the previously announced sale of Ovation Pharmaceuticals, Inc. (Ovation), a leading U.S. biopharmaceutical company. Ovation was acquired by H. Lundbeck A/S (Lundbeck), an international pharmaceutical company based in Copenhagen, Denmark. The all-cash transaction will include payments of up to $900 million.

Ovation received $600 million of cash consideration at closing and will receive up to an additional $300 million based on certain regulatory milestones for Sabril® (vigabatrin), a drug currently under development by Ovation.

GTCR partnered with Jeffrey S. Aronin, President and CEO of Ovation, and Wilbur (Bill) H. Gantz, Chairman of Ovation, in 2002. Since that time, with capital from GTCR, Ovation has made 10 major acquisitions, purchasing 20 marketed and development-stage drugs.

“Jeff and Bill have built a truly unique and valuable biopharmaceutical business, and they have been fantastic partners for GTCR,” commented Dean Mihas, principal of GTCR. “Ovation has been an excellent investment for GTCR, and we look forward to investing additional capital in the pharmaceutical industry in partnership with outstanding management teams.”

“We are very pleased to complete the sale of Ovation to Lundbeck,” added Jeff Aronin. “The Ovation team is excited today to begin our new partnership with Lundbeck and to continue Ovation’s efforts to develop drugs for severely ill patients with unmet medical needs.”

Goldman Sachs advised Ovation on its sale. Kirkland & Ellis LLP and Katten Muchin Rosenman LLP provided legal counsel to Ovation. Morgan Stanley advised GTCR on the transaction. Lundbeck was advised by Deutsche Bank and Morgan Lewis.

About GTCR
Founded in 1980, GTCR Golder Rauner, LLC is a leading private equity investment firm and long-term strategic partner for outstanding management teams. The Chicago-based firm pioneered the investment strategy of identifying and partnering with exceptional executives to acquire and build companies through a combination of acquisitions and strong internal growth. GTCR currently manages more than $8 billion of equity capital invested in a wide range of companies and industries. More information about GTCR can be found at www.gtcr.com.

About Ovation Pharmaceuticals
Ovation is a fast-growing biopharmaceutical company that develops and commercializes medically necessary therapies to satisfy unmet medical needs for patients with severe illnesses. Headquartered in Deerfield, Ill., with products available in more than 85 countries, Ovation is committed to having a significant impact on patients’ lives through its focus on central nervous system (CNS), hematology/oncology, and hospital-based therapies. The company expects several new product launches over the next three years, fueled largely by its late-stage CNS pipeline, which is one of the most robust in the industry. Ovation has been recognized for excellence in the global pharmaceutical and biotechnology industries with the 2006 and 2007 “Pharma Company of the Year” award from Scrip magazine for small to mid-sized enterprises. More information about the company, its products and full prescribing information may be found at www.ovationpharma.com.

About Lundbeck
H. Lundbeck A/S (LUN.CO, LUN DC, HLUKY) is an international pharmaceutical company engaged in the research and development, production, marketing and sale of pharmaceuticals for the treatment of psychiatric and neurological disorders. In 2008, the company’s revenue was DKK 11.3 billion (approximately EUR 1.5 billion or USD 2.2 billion). The number of employees is approx 5,500 globally. For more information, please visit www.lundbeck.com.