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<table border="0" cellpadding="3" cellspacing="1" width="100%" class="forumline"> <tr> <th class="thCornerL" width="22%" height="26">Author</th> <th class="thCornerR">Message</th> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Cranbury Company</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Thu, Sep 25 2008, 4:51 pm EDT<span class="gen"> </span> Post subject: Ligand May Pay as Much as $70M for Pharmacopeia</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Posted date: 9/24/2008 <br />Ligand May Pay as Much as $70M for Pharmacopeia <br /> <br />San Diego-based Ligand Pharmaceuticals Inc., developer of the painkiller Avinza, said Sept. 24 it would buy Pharmacopeia of Cranbury, N.J. in a stock deal valued as high as $70 million. <br /> <br />“The acquisition of Pharmacopeia will complement and accelerate our product development programs, strengthen our research capability and increase our potential royalty streams,” Ligand Chief Executive John Higgins said in a statement. <br /> <br />Under the terms of the deal, Ligand will issue 58 cents a share for each outstanding Pharmacopeia share, giving Ligand shareholders 84 percent control of the company. <br /> <br />Additionally, Ligand stockholders would be entitled to an additional $15 million on milestone agreements related to one of Pharmacopeia’s drug development programs. <br /> <br />The combined company is projected to have about $90 million in cash at the time of closing. <br /> <br />The merger is expected to close by the first quarter of 2009 and is subject to regulatory clearance and stockholder approval. <br /> <br />Ligand trades on the Nasdaq under the symbol LGND. Shares closed Sept. 24 at $3.12. <br /> <br />— Heather Chambers <br /> <br /><a href="http://www.sdbj.com/industry_article.asp?aID=58680267.7694361.1685905.5136334.1232656.205&aID2=129676" target="_blank">http://www.sdbj.com/industry_article.asp?aID=58680267.7694361.1685905.5136334.1232656.205&aID2=129676</a></span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> </table>
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