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LGND

Ligand

$238.27

-8.695 (-3.52%)

08:29
08/09/18
08/09
08:29
08/09/18
08:29

Ligand makes offer to buy Vernalis for approximately $43M in cash

Ligand Pharmaceuticals and Vernalis plc announce that Ligand has declared its firm intention to acquire the entire issued and to be issued shares of Vernalis through a UK scheme of arrangement conditional on approval by the Vernalis shareholders. Vernalis is a structure-based drug discovery biotechnology company with a broad pipeline of partnered programs and ongoing collaborations. Under the terms of the proposed UK scheme of arrangement, Ligand would pay Vernalis shareholders GBP 0.062 per share in cash, valuing Vernalis at approximately GBP 32.8 million, equivalent to approximately $43 million. This proposal - which requires approval by a majority of the shareholders representing at least 75% or more in value of the company's outstanding shares voting on the transaction - has received the support and irrevocable undertakings from the Board of Directors of Vernalis and its two largest shareholders, who own in aggregate approximately 67% of the outstanding shares of the company. 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.

  • 06

    Nov

LGND Ligand
$238.27

-8.695 (-3.52%)

07/18/18
HCWC
07/18/18
NO CHANGE
Target $245
HCWC
Buy
Ligand target raised to $245 on better Promacta sales at H.C. Wainwright
H.C. Wainwright analyst Joseph Pantginis raised his price target for Ligand Pharmaceuticals (LGND) to $245 from $239 after its partner Novartis (NVS) this morning announced Q2 Promacta revenue of $292M, above his estimate of $258M. The analyst expects Promacta to achieve blockbuster status in 2018. He keeps a Buy rating on Ligand.
08/07/18
CHLM
08/07/18
NO CHANGE
Target $260
CHLM
Buy
Ligand price target raised to $260 from $230 at Craig-Hallum
Craig-Hallum analyst Matt Hewitt raised his price target for Ligand to $260 from $230 as the company continues to prove out the power of its unique business model. The analyst reiterates a Buy rating on the shares.
08/08/18
ROTH
08/08/18
DOWNGRADE
ROTH
Neutral
Ligand downgraded to Neutral from Buy at Roth Capital
08/08/18
08/08/18
DOWNGRADE
Target $250

Neutral
Ligand downgraded to Neutral on valuation at Roth Capital
As previously reported, Roth Capital analyst Scott Henry downgraded Ligand to Neutral from Buy based largely on valuation. While the analyst acknowledges that the company's business remains strong, he struggles to get excited at current share prices. Henry raised his price target on the shares to $250 from $172 on improved earnings and a modestly expanded multiple.

TODAY'S FREE FLY STORIES

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AMAT

Applied Materials

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VZ

Verizon

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DSX

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CAG

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, PF

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QCOM

Qualcomm

$66.08

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ACB

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TSLA

Tesla

$261.03

0.97 (0.37%)

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HAL

Halliburton

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MDT

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JNJ

Johnson & Johnson

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-0.32 (-0.23%)

, ITCI

Intra-Cellular

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ITCI

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Acadia

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EIGR

Eiger BioPharmaceuticals

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-1.2 (-10.13%)

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Syndicate
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  • 27

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SPX

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$0.00

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SPX

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CAR

Avis Budget

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, F

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F

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  • 24

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NCR

NCR Corp.

, JTPY

JetPay

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NCR

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JTPY

JetPay

$4.97

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CADE

Cadence Bancorp

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CMP

Compass Minerals

$68.01

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  • 01

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FITB

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HPQ

HP Inc.

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