Ligand Pharmaceuticals and Pfenex are only about an eight-minute walk away from one another in San Diego’s Sorrento Valley. And now, the two biotechs are about to get even closer.
Ligand announced this week that it plans to acquire Pfenex for $438 million and will pay Pfenex shareholders an additional $78 million if Ligand hits an undisclosed milestone before December 2021.
“Pfenex is an ideal strategic, business and cultural fit with Ligand,” said John Higgin, Ligand’s CEO, in a statement. “The acquisition holds potential to have a significantly positive scientific and financial impact on our business in the short and long term.”