Rodman & Renshaw Downgrades Pharmacopeia (PCOP) to Market Perform
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Rodman & Renshaw downgrades Pharmacopeia (Nasdaq: PCOP) from Market Outperform to Market Perform.
Rodman analyst says, "On Wednesday September 24th, Ligand Pharmaceuticals (LGND) agreed to acquire Pharmacopeia agreed to acquire Pharmacopeia for consideration of $55MM. Also, Contingent Value Rights (CVRs), currently valued at an additional $15MM, will be paid to PCOP shareholders in the event that LGND agrees to partner lead compound PS433540 (DARA) by 2011."
Pharmacopeia, Inc. is a clinical development stage biopharmaceutical company dedicated to discovering and developing small molecule therapeutics to address medical needs.
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