Merger of Ligand Pharmaceuticals, Pharmacopeia could close in fourth quarter

By Lisa Kerner

Charlotte, N.C., Nov. 3 - Ligand Pharmaceuticals Inc. and Pharmacopeia Inc. said they expect the merger of the two companies to close in the fourth quarter of 2008 or in early 2009.

In September, Ligand, a San Diego drug development company, agreed to acquire Pharmacopeia in a stock-for-stock deal valued at up to $70 million, or approximately $1.81 per share.

The Federal Trade Commission has already granted early termination of the Hart-Scott-Rodino waiting period.

It was previously reported that the companies' merger agreement includes contingent value rights for an additional cash payment of $15 million, or $0.50 per Pharmacopeia share, if Ligand enters into a license, sale, development, marketing or option agreement with respect to its DARA program by Dec. 31, 2011.

The transaction includes a collar that provides for a fixed exchange ratio within a price range of $3.00 to $3.75 for Ligand stock.

Pharmacopeia is a Princeton, N.J., biopharmaceutical company.

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