Notable Mergers and Acquisitions of the Day 9/25: LGND/PCOP, MDT, TMTA
- Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) announced today that it has entered into a definitive merger agreement to acquire Pharmacopeia (Nasdaq: PCOP), in a deal valued up to $70 million.
The transaction is structured as a stock-for-stock exchange and in addition, Pharmacopeia stockholders will be entitled to a Contingent Value Right. The CVRs will entitle holders under certain circumstances to a cash payment of an aggregate of $15 million for all Pharmacopeia stockholders.
Under the terms of the agreement, Ligand will issue approximately 17.5 million shares, subject to adjustment for Pharmacopeia options at closing, or 0.58 shares for each outstanding Pharmacopeia share such that current Ligand stockholders would own approximately 84% of the combined company and Pharmacopeia stockholders would own approximately 16%.
The transaction is expected to close by Q109.
- Medtronic, Inc. (NYSE: MDT) and CryoCath Technologies Inc. today announced they have entered into an agreement whereby Medtronic, through a wholly owned subsidiary, will make a takeover bid for all of the outstanding shares of CryoCath for $8.75 Cdn per share in cash, representing a total equity value of approximately $380 million.
- Transmeta Corporation (NASDAQ: TMTA) announced that, with the assistance of its independent financial advisors Piper Jaffray & Co., it has initiated a process to seek a potential sale of the Company.
After actively exploring a full range of strategic alternatives over the past few months and after strengthening its balance sheet, Transmeta will now explore a possible sale of the Company as a way to enhance value for all its stockholders.
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