Ligand (LGND) Offers $15M in Cash to Acquire All Novan Assets

Zacks2023-07-18

Ligand Pharmaceuticals, Inc. LGND has made an offer to acquire the assets of Novan, Inc. for $15 million in cash and provide an additional up to $15 million in debtor-in-possession (DIP) financing to ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLigand (LGND) Offers $15M in Cash to Acquire All Novan Assets\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-07-18 23:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/ligand-lgnd-offers-15m-cash-150400597.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Ligand Pharmaceuticals, Inc. LGND has made an offer to acquire the assets of Novan, Inc. for $15 million in cash and provide an additional up to $15 million in debtor-in-possession (DIP) financing to ...</p>\n\n<a href=\"https://finance.yahoo.com/news/ligand-lgnd-offers-15m-cash-150400597.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4505","symbol_name":"高瓴资本持仓","start_time":0,"source_url":"https://finance.yahoo.com/news/ligand-lgnd-offers-15m-cash-150400597.html","article_id":"2352452723","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/cYhdSHZ3kDYVQNhcMTsM_w--~B/aD0zOTM7dz02MjA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/4a0e141116a5c1fff5e57140486a1890"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2352452723","pubTimestamp":1689692640,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"The offer was made after Novan filed for Chapter 11 reorganization of the U.S. Bankruptcy Code. With this filing, Novan is looking to stay in business and restructure its debts, assets and operations with court approval.Ligand reported that the proposed transaction is designed in a way that will preserve and maximize the value of Novan’s commercial business and berdazimer gel development assets. Novan currently has a filed new drug application with the FDA to seek approval for berdazimer gel in the treatment of molluscum contagiosum infection. A decision from the regulatory body is expected on Jan 5, 2024.We would like to remind the investors that Ligand had previously acquired milestone and royalty rights to berdazimer gel in 2019. The company will acquire all of Novan’s assets only if its bid is the successful bid in the anticipated bankruptcy sale and auction process. However, coherent with LGND’s business strategy, the company will most likely seek to out-license or sell the existi","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4505":"高瓴资本持仓","BK4139":"生物科技","BK4539":"次新股","BK4007":"制药","ADCT":"ADC Therapeutics SA","AKYA":"Akoya Biosciences, Inc.","DIP":"BTD CAPITAL FUND","LGND":"Ligand Pharmaceuticals Inc.","BK4121":"生命科学工具和服务","ACAD":"阿卡迪亚"},"translate_title":"Ligand出价1500万美元现金收购Novan的全部资产","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ACAD":1,"ADCT":1,"AKYA":1,"DIP":1,"LGND":1,"NOVN":0.9},"content_text":"Ligand Pharmaceuticals, Inc. LGND has made an offer to acquire the assets of Novan, Inc. for $15 million in cash and provide an additional up to $15 million in debtor-in-possession (DIP) financing to Novan inclusive of a $3 million bridge financing loan already funded.\nThe offer was made after Novan filed for Chapter 11 reorganization of the U.S. Bankruptcy Code. With this filing, Novan is looking to stay in business and restructure its debts, assets and operations with court approval.\nLigand reported that the proposed transaction is designed in a way that will preserve and maximize the value of Novan’s commercial business and berdazimer gel development assets. Novan currently has a filed new drug application with the FDA to seek approval for berdazimer gel in the treatment of molluscum contagiosum infection. A decision from the regulatory body is expected on Jan 5, 2024.\nWe would like to remind the investors that Ligand had previously acquired milestone and royalty rights to berdazimer gel in 2019. The company will acquire all of Novan’s assets only if its bid is the successful bid in the anticipated bankruptcy sale and auction process. However, coherent with LGND’s business strategy, the company will most likely seek to out-license or sell the existing development programs and commercial business assets of Novan.\nYear to date, shares of Ligand have gained 2.9% against the industry’s 10% decline.\nImage Source: Zacks Investment Research\nNovan announced entering into a stalking horse acquisition agreement with Ligand, which insinuates that LGND made the initial bid for all assets of Novan, knowing that other potential buyers will make competing bids.\nPer the terms of the proposed transaction, Ligand’s $15 million bid to acquire all the assets of Novan is inclusive of berdazimer gel, all other programs in development, the Nitricil drug delivery technology and the commercial assets of its EPI Health business. Novan acquired EPI Health LLC in March 2022 for an upfront cash payment of $27.5 million, which added berdazimer gel to its portfolio.\nBerdazimer gel is the first self-application topical treatment for molluscum contagiosum infection, a highly contagious viral skin disease. LGND believes in the potential of berdazimer gel to get approved by the FDA. At present, there are currently no FDA-approved prescription drug treatment options for molluscum contagiosum infection, representing a serious unmet medical need.\nSubject to court approval, the proposed transaction will also allow Novan to make withdrawals from the $15 million secured DIP loan to finance its bankruptcy cases. This amount will be repaid to Ligand through the sale of Novan’s assets.\nIf the court accepts a bid from a different party, Ligand’s DIP loan will be repaid. In such a situation, LGND also expects that its milestone and royalty rights to berdazimer gel will be preserved. The company anticipates the closure of the transaction in the third quarter of 2023.\n\nLigand Pharmaceuticals Incorporated Price and Consensus\n\nLigand Pharmaceuticals Incorporated price-consensus-chart | Ligand Pharmaceuticals Incorporated Quote\n\nZacks Rank and Stocks to Consider\nLigand currently has a Zacks Rank #5 (Strong Sell).\nSome better-ranked stocks in the same industry are ADC Therapeutics ADCT, Acadia Pharmaceuticals ACAD and Akoya Biosciences AKYA, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nIn the past 90 days, the Zacks Consensus Estimate for ADC Therapeutics’ 2023 loss per share has widened from $2.58 to $2.61. During the same period, the estimate for ADC Therapeutics’ 2024 loss per share narrowed from $2.72 to $2.45. Year to date, shares of ADCT have lost 60.7%.\nADCT beat estimates in three of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 10.70%.    \nIn the past 90 days, the Zacks Consensus Estimate for Acadia Pharmaceuticals’ 2023 loss per share has narrowed from 57 cents to 33 cents. The estimate for Acadia Pharmaceuticals’ 2024 earnings per share is pegged at 21 cents. Year to date, shares of ACAD have fallen by 2.2%.\nACAD beat estimates in two of the trailing four quarters, missing the mark on other two occasions, delivering an average negative earnings surprise of 2.75%.\nIn the past 90 days, the Zacks Consensus Estimate for Akoya Biosciences’ 2023 loss per share has narrowed from $1.80 to $1.71. During the same period, the estimate for Akoya Biosciences’ 2024 loss per share narrowed from $1.57 to $1.33. Year to date, shares of AKYA have lost 16.9%.\nAKYA missed estimates in each of the trailing four quarters, delivering an average negative earnings surprise of 21.05%. \nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nADC Therapeutics SA (ADCT) : Free Stock Analysis Report\nLigand Pharmaceuticals Incorporated (LGND) : Free Stock Analysis Report\nACADIA Pharmaceuticals Inc. (ACAD) : Free Stock Analysis Report\nAkoya Biosciences, Inc. (AKYA) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2352452723"}