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Ligand Gets Neurogen for $11M

Xconomy San Diego — 

San Diego’s Ligand Pharmaceuticals (NASDAQ: LGND) has agreed to acquire Branford, CT-based Neurogen, in a stock deal valued at $11 million. The transaction gives Neurogen shareholders a 3 percent ownership stake in the combined company, and a variety of contingent cash payments, such as net proceeds from the sale of Neurogen real estate. Ligand gains access to Neurogen’s existing partnerships with Merck, which includes a drug candidate for treating acute and chronic pain, an anti-histamine program, and potential drugs for boosting red and white blood cells.