Ligand acquires CyDex

Ligand Pharmaceuticals Inc. (NASDAQ:LGND) acquired CyDex Pharmaceuticals Inc. (Lenexa, Kan.) for $31.2 million in cash, plus contingent and milestone payments. CyDex shareholders also will receive $4.3 million on Jan. 25, 2012, and will be eligible for a portion of CyDex-related revenue.

Ligand said the deal will help it meet its goal of becoming cash-flow positive through CyDex's portfolio of royalty bearing agreements covering its Captisol reformulation technology. Ligand expects operations to be profitable and cash-flow positive by year end. CyDex also is developing an internal pipeline of Captisol-enabled drugs, including Melphalan IV, which is in Phase IIa testing as myeloablative conditioning in multiple myeloma (MM) patients undergoing autologous transplantation. CyDex reported $16.3 million in revenue in 2010. Canaccord advised CyDex. ...