El Coronado Holdings owns 4.11 million shares of Pharmacopeia

By Lisa Kerner

Charlotte, N.C., Oct. 23 - Pharmacopeia, Inc. investor Josiah T. Austin purchased 70,000 shares on Sept. 24 priced at $1.1786 each.

In addition, Austin transferred 1,210,372 shares to El Coronado Holdings, LLC on Oct. 13.

The investors beneficially own 4,109,964 shares, or 13.82%, of the Princeton, N.J., biopharmaceutical company, according to a schedule 13D/A filed with the Securities and Exchange Commission.

On Sept. 24, Ligand Pharmaceuticals Inc., a San Diego drug development company, announced it agreed to acquire Pharmacopeia in a stock-for-stock deal valued at up to $70 million, or approximately $1.81 per share.

It was previously reported that the transaction includes a collar that provides for a fixed exchange ratio within a price range of $3.00 to $3.75 for Ligand stock.

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