Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers P > Headlines for Pharmacopeia, Inc. > News item |
Ligand, Pharmacopeia combine in all-stock deal
By Lisa Kerner
Charlotte, N.C., Dec. 23 - Ligand Pharmaceuticals Inc. completed its acquisition of Pharmacopeia, Inc. after Pharmacopeia shareholders approved the transaction on Tuesday.
In September, Ligand, a San Diego drug development company, agreed to acquire Pharmacopeia in a stock-for-stock deal valued at up to $70 million, or approximately $1.81 per share.
Ligand issued 18 million shares of Ligand common stock to Pharmacopeia stockholders, or 0.6 shares for each outstanding Pharmacopeia share, as well as $9.3 million in cash.
Pharmacopeia security holders were given a contingent value right entitling them to a total cash payment of $15 million under certain circumstances, Ligand said.
With the acquisition of the Princeton, N.J., biopharmaceutical company, Ligand said its stockholders are expected to gain access to numerous royalty partnerships, additional pipeline assets, drug discovery resources, cash and net operating loss tax assets.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.