Ligand Pharmaceuticals Inc.
07/17/2024 | Press release | Distributed by Public on 07/17/2024 15:11
Acquisition/Asset Disposal Form 8 K
Item 2.01 Completion of Acquisition or Disposition of Assets.
As previously reported on July 8, 2024, Ligand Pharmaceuticals Incorporated ("Ligand") entered into a definitive agreement (the "Agreement") to acquire APEIRON Biologics AG ("APEIRON"), including the royalty rights to QARZIBA® (dinutuximab beta) for the treatment of high-risk neuroblastoma (the "APEIRON Acquisition"). Under the terms of the Agreement, Ligand would acquire all the outstanding shares of APEIRON for $100 million in cash at closing. Ligand would also pay APEIRON shareholders additional consideration based on future commercial and regulatory events, including up to $28 million if QARZIBA royalties exceed certain predetermined thresholds by either 2030 or 2034, respectively.
On July 15, 2024, Ligand completed the acquisition of APEIRON pursuant to the terms of the Agreement for an aggregate amount of $100 million. Ligand funded the APEIRON Acquisition from its available cash on hand. The closing was subject to a 30-day shareholder objection period and other customary closing conditions.
The above summary of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement which will be filed as an exhibit to Ligand's Quarterly Report on Form 10-Q to be filed with respect to the quarter ended June 30, 2024.