Ligand to acquire Metabasis

Ligand Pharmaceuticals Inc. (NASDAQ:LGND) will acquire Metabasis Therapeutics Inc. (NASDAQ:MBRX) for $3.2 million in cash. Metabasis shareholders will receive about $1.8 million, which is net of Metabasis' liabilities at closing. Metabasis stockholders also will receive contingent value rights entitling them to future cash payments if Ligand receives milestones for a program partnered with Roche (SIX:ROG; OTCQX:RHHBY) or sells or partners any of the Metabasis development programs.

Metabasis has a 2008 deal with Roche to apply the biotech's HepDirect liver-targeting technology to Roche's nucleosides to treat HCV. Ligand said its share of a cash milestone from Roche is expected to largely offset the cash payment for the acquisition in 2010. ...