Biotech Mergers Continue (LGND, PCOP)
There have been many biotech merger announcements of late, and tonight there is a small deal to report. Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) is acquiring Pharmacopeia (NASDAQ: PCOP) in a deal valued up to $70 million. The terms of this are tricky as it is dependent upon share prices and upon a Contingent Value Right which could yield additional rewards to holders.
You can read about the FULL DEAL DETAILS at 24/7 Wall St.
Pharmacopeia, the target, shares closed down almost 5% in regulartrading and its shares are up 33% at $1.59 in after-hours trading. Its 52-week trading range is $1.00 to $6.10.
Ligand, the acquirer, closed up less than 1% at $3.12 in regular trading and its shares are up less than 1% at $3.14 in after-hours trading. Its 52-week trading range is $2.16 to $6.21.
Jon C. Ogg
September 24, 2008