Pharmacopeia to hold special meeting Dec. 23, offers to buy options

By Lisa Kerner

Charlotte, N.C., Nov. 21 - Pharmacopeia Inc. will hold a special meeting of stockholders on Dec. 23 for the purpose of approving the company's merger with Ligand Pharmaceuticals Inc., according to a schedule TO-I filed with the Securities and Exchange Commission.

In addition, Pharmacopeia offered to purchase all Pharmacopeia stock options that remain outstanding as of 11:59 p.m. ET on Dec. 22 from its optionholders for a cash payment of $0.20 per share of common stock issuable upon exercise of each such option.

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.

The companies recently reported that they expect the merger to close in the fourth quarter of 2008 or in early 2009.

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

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