Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) announced that it has completed the acquisition of Metabasis Therapeutics, Inc. (NASDAQ:MBRX), following approval of the transaction by Metabasis stockholders yesterday. As a result, Ligand gains a fully funded partnership with Roche, additional pipeline assets and drug discovery technologies and resources. The transaction was first announced on October 27, 2009.
“We are excited about this acquisition and the opportunities it presents for our shareholders”
“We are excited about this acquisition and the opportunities it presents for our shareholders,” said John L. Higgins, President and Chief Executive Officer of Ligand. “The acquisition of Metabasis builds on our strategy to cultivate a robust pipeline with a broad array of royalty bearing assets and early stage pipeline programs.”
In the acquisition, Ligand paid $1.6 million in cash or about $0.046 per Metabasis share to Metabasis' stockholders. In addition, Metabasis stockholders received four tradable Contingent Value Rights (CVRs), one CVR from each of four respective series of CVRs, for each Metabasis share. The CVRs will entitle Metabasis stockholders to cash payments as frequently as every six months as cash is received by Ligand from proceeds from Metabasis’ partnership with Roche or the sale or partnering of any of the Metabasis drug development programs, among other triggering events.
Primary Acquired Assets