Business
Ligand Acquires Assets of Novan, Inc. for $12.2 Million
SAN DIEGO--(BUSINESS WIRE)-- Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announced that it has closed the transaction to acquire assets of Novan, Inc.
About this update from Ligand Pharmaceuticals Incorporated
[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nLigand Pharmaceuticals Incorporated (NASDAQ: LGND) announced that it has closed the transaction to acquire assets of Novan, Inc. (“Novan”) following the offer it made on July 17, 2023. On July 17, 2023, Ligand offered $15 million to acquire all of the assets of Novan as well as to provide up to $15 million in debtor-in-possession (“DIP”) financing. In September 2023, the Bankruptcy Court approved a $12.2 million bid from Ligand to purchase berdazimer gel and all the assets related to the NITRICIL™ technology platform, and the rights to the Bayer-partnered Sitavig program. The remaining commercial assets of EPI Health will be sold to other parties. The approved $12.2 million bid was credited to the $15 million DIP financing, with the balance of $2.8 million and accrued interest repaid to Ligand. Berdazimer gel remains on track for a PDUFA goal date of January 5, 2024, as the first potential at-home treatment for molluscum contagiosum.\n\n\n“We are pleased with the outcome of the bankruptcy proceeding resulting in Ligand’s full ownership of berdazimer gel, NITRICIL platform and related assets. We will look forward to the FDA’s decision regarding the New Drug Application for berdazimer gel in January of next year, and remain confident in its potential approval as the first-ever at home treatment for molluscum contagiosum,” said Todd Davis, CEO of Ligand. “We are ideally positioned to take advantage of special situations such as this, and, consistent with our business model, will seek marketing partners for the acquired assets to maximize value to Ligand shareholders.”\n\n\nBirch Lake acted as financial advisor and Morgan Lewis acted as legal advisor to Ligand for this transaction.\n\n\nAbout Ligand Pharmaceuticals\n\n\nLigand is a biopharmaceutical company enabling scientific advancement through supporting the clinical development of high-value medicines. Ligand does this by providing financing, licensing our technologies or both. Our business model generates value for stockholders by creating a diversified portfolio of biotech and pharmaceutical product revenue streams that are supported by an efficient and low corporate cost structure. Our goal is to offer investors an opportunity to participate in the promise of the biotech industry in a profitable and diversified manner. Our business model is base...