Ligand Buys Metabasis For $3.2M
Luke Timmerman10/27/09
San Diego-based Ligand Pharmaceuticals (NASDAQ: LGND) said today it has agreed to pay $3.2 million to acquire Metabasis (NASDAQ: MBRX), the developer of treatments for diabetes and high cholesterol. Ligand has also committed $8 million to finance Metabasis’ drug development programs within the next 42 months. The sale comes after a rough year for Metabasis, in which it ran low on cash, warned investors it might have to shut down, and CEO Mark Erion resigned for a new job at Merck.
Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.
