Ligand Pharmaceuticals plans to acquire recombinant protein therapeutics maker Pfenex for $438 million, the companies announced Monday.
The larger company agreed to pay $12 per share for Pfenex (NYSE American: PFNX)—a 57 percent premium to its closing price Monday.
San Diego-based Ligand (NASDAQ: LGND) generates revenue from licensing deals and royalties paid by pharmaceutical companies that use technologies it develops or acquires for their own drug research. The company reported revenues of about $120.3 million in 2019. In a prepared statement, Ligand CEO John Higgins called the Pfenex deal an “ideal strategic, business and cultural fit.”
He likened the… Read more »
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