Ligand acquiring UK biotech for $43m

Ligand acquiring UK biotech for $43m
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San Diego’s Ligand Pharmaceuticals is acquiring UK-based structure-based drug discovery biotech Vernalis for $43 million.

Vernalis has a broad pipeline of partnered programs and ongoing collaborations.

On March 15, 2018 Vernalis announced that as part of its then-ongoing strategic review, it had decided to commence a formal sales process with Evercore serving as financial advisor.

As part of its strategic review Vernalis has substantially completed the closure of its US commercial operations and remains on track to have completed this by 30 September 2018.

If Ligand’s offer is approved by Vernalis shareholders, the transaction is expected to close in October 2018.

The acquisition sees Ligand take charge of a portfolio of more than eight fully-funded partnered programmes; a 70-person R&D team in Cambridge, England; UK-based operations and an established compound library.