HSR wait ends early in merger of Ligand, Pharmacopeia

By Lisa Kerner

Charlotte, N.C., Oct. 30 - The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed merger of Ligand Pharmaceuticals Inc. and Pharmacopeia Inc., a government report said.

In September, Ligand, 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.

The companies' merger agreement includes contingent value rights for an additional cash payment of $15 million, or $0.50 per Pharmacopeia share, if Ligand enters into a license, sale, development, marketing or option agreement with respect to its DARA program by Dec. 31, 2011.

A Ligand news release said 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.

Pharmacopeia is a Princeton, N.J., biopharmaceutical company.

© 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.