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Ligand Holdings UK Agrees To Buy Vernalis For GBP32.7 Million

Thu, 09th Aug 2018 14:42

LONDON (Alliance News) - Pharmaceutical company Vernalis PLC said Thursday that it reached an agreement to be taken over by Ligand Holdings UK Ltd.

Ligand, a unit of US-listed biopharmaceutical company Ligand Pharmaceuticals Inc, will acquire Vernalis for GBP32.7 million or 6.2 pence per Vernalis share.

Vernalis shares were trading up 12% at 6.00p each on the back of the news on Thursday.

The price of the offer represents a premium of 46% to Vernalis's closing price of 4.3p in mid-March, the last day before the formal sale process commenced.

The acquisition, which will be funded from Ligand's existing cash reserves, is in line with its "strategy to focus on acquiring technologies that help pharmaceutical companies discover and develop medicines", Ligand said.

The acquisition will be effected by means of a court-sanctioned scheme of arrangement between the companies and Vernalis directors recommended shareholders to vote in favour of the scheme at the company's next general meeting.

"On behalf of the board, following the formal sale process that the business initiated in March this year, I am pleased to recommend the acquisition of Vernalis by the Ligand Group to all Vernalis shareholders. The board was pleased with the interest the company received as part of the formal sale process and believes the cash offer from the Ligand Group represents the best value for all Vernalis shareholders," Vernalis Chairman Peter Fellner said.

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10 Oct 2018 12:26

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2 Oct 2018 15:56

Ligand Acquisition Of Vernalis Gets Go-Ahead From Shareholders

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25 Sep 2018 16:00

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16 Aug 2018 13:57

Vernalis Non-Exec Director Gilham Leaves Ahead Of Takeover

LONDON (Alliance News) - Pharmaceutical firm Vernalis PLC on Thursday said Ian Gilham is leaving his role as a non-executive director.Chairman Peter Fellner said: "We would like to Ian

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9 Aug 2018 15:12

Ligand Pharma to buy Vernalis for just under £33m in cash

(Sharecast News) - AIM-listed Vernalis has agreed to be bought by Ligand UK, a subsidiary of California-based Ligand Pharmaceuticals, for 6.2p per share in cash, valuing the company at around £32.67m.

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14 Jun 2018 11:00

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28 Mar 2018 12:55

Vernalis Interim Loss Widens Amid Restructuring As Pursues Sale

LONDON (Alliance News) - Pharmaceutical firm Vernalis PLC said Wednesday its interim loss widened sharply amid significant impairments following a restructuring, as it to a to

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21 Mar 2018 16:22

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15 Mar 2018 13:15

Vernalis Puts Itself Up For Sale, CEO & CFO To Depart

LONDON (Alliance News) - Pharmaceutical firm Vernalis PLC said Thursday the company is up for sale, and it is also to begin winding down US operations.Vernalis said in

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14 Feb 2017 08:05

Vernalis Gets USD3 Million Milestone Payment Under Corvus Deal

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21 Dec 2016 13:03

Vernalis says US FDA accepts CCP-08 for full review

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