Ligand Pharmaceuticals Inc. reports developments in its biopharmaceutical royalty aggregation and technology-licensing business. The company partners with pharmaceutical and biotechnology companies, funds late-stage clinical development programs in exchange for long-term economic interests, and manages royalty interests across development- and commercial-stage therapeutic assets.
Recurring LGND news includes operating and financial results, royalty revenue drivers, material agreements, capital-structure updates, and partner clinical or regulatory events tied to products in the portfolio. Company updates also cover proprietary technologies such as Captisol® and NITRICIL™, business-development activity, and portfolio assets such as FILSPARI® where Ligand has an economic interest.
Ligand Pharmaceuticals (NASDAQ: LGND) has announced the sale of its Vernalis research operations to HitGen Inc. for $25 million in cash. The transaction, expected to close in Q4 2020, allows Ligand to retain economic rights on existing collaboration licenses and current contracts. Ligand's CEO highlighted the divestiture as a strategic move following recent U.S. acquisitions aimed at enhancing their antibody discovery and protein expression capabilities. The deal includes the transition of approximately 80 employees and related facilities to HitGen, which aims to expand its presence in the UK.
Ligand Pharmaceuticals (NASDAQ: LGND) will host a virtual Investor Day on October 20, 2020, from 11:00 a.m. to 1:00 p.m. ET. Key executives including CEO John Higgins and CFO Matt Korenberg will present on various topics including 2021 financial guidance, the Pfenex acquisition, and Captisol's role in COVID-19 treatments. Dr. Matthew R. Davis will discuss current COVID-19 treatment guidelines during the event. Interested participants can join the webcast and participate in a Q&A session. The presentation will be archived for 90 days.
Ligand Pharmaceuticals (NASDAQ: LGND) has successfully acquired Pfenex Inc. for $437.5 million in cash, supplemented by a contingent value right of up to $78 million upon achieving a milestone. The acquisition, deemed transformative, will enhance Ligand's portfolio with new technologies and collaborations that are expected to drive substantial revenue growth. Forecasts indicate Pfenex could generate $30 million in 2021 and double that by 2023, with a significant contribution to Ligand's royalty revenue.
Ligand Pharmaceuticals (NASDAQ: LGND) announced the expiration of its tender offer for Pfenex Inc. (NYSE American: PFNX), where it sought to acquire all outstanding shares at $12.00 each, plus a potential $2.00 contingent payment. Approximately 27.6 million shares, or 80.3% of Pfenex's outstanding shares, were validly tendered. The merger is expected to close on October 1, 2020, after which Pfenex will become a wholly-owned subsidiary, and its stock will cease trading on the NYSE American. Ligand aims to leverage Pfenex's capabilities to enhance its biopharmaceutical portfolio.