Ligand Completes Pharmacopeia Acquisition
News Dec 26, 2008
Ligand Pharmaceuticals Incorporated has announced that it has completed the acquisition of Pharmacopeia, Inc., following approval of the transaction by Pharmacopeia stockholders.
The acquisition, announced on September 24, 2008, is an important element of Ligand’s strategy for creating shareholder value. Ligand stockholders are expected to gain access to numerous royalty partnerships, additional pipeline assets, drug discovery resources, cash and net operating loss (NOL) tax assets.
“We are excited about Ligand’s future, and are encouraged by the positive reaction we have received to this transaction from investors in both companies,” said John L. Higgins, President and Chief Executive Officer of Ligand.
“This acquisition combines decades of scientific experience, drug research, and success in discovering numerous promising drug candidates; provides us with access to the industry’s largest combinatorial chemical library; and adds a significant number of potentially lucrative corporate partnerships secured by Pharmacopeia.”
In connection with the acquisition, Ligand issued approximately 18 million shares of Ligand common stock to Pharmacopeia stockholders, or 0.60 shares for each outstanding Pharmacopeia share, as well as approximately $9.3 million in cash. In addition, Pharmacopeia security holders received a contingent value right that entitles them to an aggregate cash payment of $15 million under certain circumstances.