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Ligand to Acquire Core Assets from Icagen for USD 15m
Thursday 13 February 2020

13 February 2020 - US-based biopharmaceutical company Ligand Pharmaceuticals Inc. (NASDAQ: LGND) has agreed to acquire the core assets of the North Carolina operations of Icagen, Inc. for USD 15m in cash, the company said.
Core assets include partnered programmes, proprietary ion channel screening and assay platforms, x-ray fluorescence capabilities, custom screening technologies and novel unpartnered preclinical-stage molecules for USD 15m in cash.
Icagen will also be entitled to receive up to an additional USD 25m of cash payments based on certain revenue achievements.
This transaction provides a technology platform with high-value partnerships within a cash-flow positive and profitable business.
The contribution of the acquired Icagen assets and business to Ligand is currently expected to increase in 2021, with revenues of approximately USD 12m and adjusted earnings per diluted share of approximately USD 0.25.
Icagen is an early stage drug discovery company focussed on neuroscience and rare diseases with research facilities located in Durham, NC and Oro Valley (Tucson), AZ. Icagen partners with the pharmaceutical industry to develop therapies for patients in need.
Ligand Pharmaceuticals is focussed on developing or acquiring technologies that help pharmaceutical companies discover and develop medicines.
Date Published: 13/02/2020
Target: Icagen, Inc
Country: USA
Deal Size: 15m (USD)
Sector: Biotechnology
Type: Corporate acquisition
Financing: Cash
Status: Agreed
Buyer: Ligand Pharmaceuticals Inc