San Diego biopharma Ligand Pharmaceuticals is acquiring Pfenex, a biotech based in California, in a deal worth up to $516 million.
The acquisition will provide Ligand with access to a proprietary, protein expression technology that is utilised in various commercial and development-stage biopharmaceutical programs.
It will also provide numerous major collaborations with major pharma players for treatments and vaccines – including Merck, Jazz Pharmaceuticals, Serum Institute of India and Alvogen.
Moreover, the deal gives Legand a atate-of-the-art process development operation located in San Diego with scalable equipment and engineering capabilities designed to serve the world’s largest pharmaceutical companies.
“The acquisition holds potential to have a significantly positive scientific and financial impact on our business in the short and long term, similar to how our Captisol and OmniAb acquisitions have played out,” said Ligand CEO, John Higgins.
“Pfenex will add an established, proven protein expression platform to Ligand that is highly complementary to our essential, proprietary drug discovery and formulation technologies.
“We are confident we will be able to quickly and efficiently grow the Pfenex business, along with our core existing technologies.
“It has been a very positive experience working with the Pfenex executive leadership and senior scientists while we put this deal together. We look forward to welcoming the talented Pfenex team to Ligand.”