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Ligand Completes Acquisition of Icagen Core Assets, Partnered Programs and Ion Channel Technologies
SAN DIEGO--(BUSINESS WIRE)-- Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announces the completion of its acquisition of the core assets of Icagen’s
About this update from Ligand Pharmaceuticals Incorporated
[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nLigand Pharmaceuticals Incorporated (NASDAQ: LGND) announces the completion of its acquisition of the core assets of Icagen’s North Carolina operations. As previously announced, the purchase price was $15 million in cash, and Icagen is entitled to receive additional cash payments based on certain revenue achievements.\n\n\n“We are very pleased to add the Icagen technologies, partnerships and this profitable business to Ligand,” said John Higgins, Chief Executive Officer of Ligand. “We all know how extremely challenging the current business environment is, and I want to commend the teams on both sides who worked together to get this deal done. It’s a fantastic acquisition that will enable Ligand to expand its services to current partners and drive new collaborations. We expect the Icagen ion channel capabilities will have particular synergy with our Vernalis and OmniAb® antibody discovery platforms. We welcome our new Icagen colleagues to Ligand.”\n\n\nHiggins continued, “While we adjust to conducting business during the pandemic, Ligand’s balance sheet remains very strong, and we continue to generate positive cash flow. We have a successful track record of acquiring innovative companies, and subsequently growing revenue, increasing our partner portfolio, and leveraging technology and customer synergies. Given our significant financial resources and talented operating team, we are well positioned to pursue acquisitions and new opportunities to expand our business.”\n\n\nThe acquisition of Icagen brings Ligand the following:\n\n\n\nTechnology Platform. Icagen’s extensive biological capability focused on ion channels, transporters and x-ray fluorescence, along with a strong track record in novel drug discovery from screening to lead optimization. Ion channels are key components in a wide variety of biological processes that involve rapid changes in cells and have broad therapeutic applicability including cancer, metabolic disease, pain, neurological diseases, infectious diseases and others.\n\n\n\n\nRoche Collaboration to develop and commercialize therapies for neurological diseases. The collaboration provides research funding, potential milestone payments of up to $274 million and tiered royalty payments should a drug be commercialized.\n\n\n\n\nCystic Fibrosis Foundation (CFF) Collaboration to disco...