Ligand completes acquisition of Pharmacopeia

In connection with the acquisition, Ligand issued approximately 18m shares of Ligand common stock to Pharmacopeia stockholders, or 0.60 shares for each outstanding Pharmacopeia share, as well as approximately $9.3m in cash.

In addition, Pharmacopeia security holders received a contingent value right that entitles them to an aggregate cash payment of $15m under certain circumstances.

Ligand stockholders are expected to gain access to numerous royalty partnerships, additional pipeline assets, drug discovery resources, cash and net operating loss tax assets through the acquisition of Pharmacopeia.

Ligand discovers and develops drugs that address patients with muscle wasting, frailty, hormone-related diseases, osteoporosis, inflammatory diseases and anemia.

John Higgins, president and CEO of Ligand, said: 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.

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.