Shots:

• Ligand to acquire all outstanding shares of Pfenex for $12/share in cash or $438 million in equity value with a 57% premium to the closing price of Pfenex’s stock on Aug 10- 2020. In addition- Ligand will pay $2/share or $78M as a CVR- making a total deal value up to $516M
• The transaction is expected to be close in Q4’20. The acquisition will expand Ligand’s technology offerings by the addition of Pfenex’s Expression Technology
• Pfenex’s technology is out-licensed for multiple commercial and development-stage programs while the Ligand will leverage its technology for additional licensing agreements. Pfenex’s expertise in the expression of complex proteins complements Ligand’s Ab and drug enabling technologies- building a comprehensive discovery and early-stage platform

­ Ref: Ligand | Image: Pfenex