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DewDiligence

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DewDiligence

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Re: ronpopeil post# 234154

Monday, 08/10/2020 5:54:02 PM

Monday, August 10, 2020 5:54:02 PM

Post# of 251670
LGND-PFNX PR:

https://finance.yahoo.com/news/ligand-acquire-pfenex-inc-213600493.html

Ligand Pharmaceuticals Incorporated and Pfenex Inc. today announced the signing of a definitive agreement for Ligand to acquire all outstanding shares of Pfenex for $12.00 per share in cash or $438 million in equity value on a fully diluted basis. In addition, Ligand will pay $2.00 per share or $78 million as a Contingent Value Right (CVR) in the event a predefined regulatory milestone is achieved by December 31, 2021…

The $12 price is a 57% premium to today’s 4pm-ET close.

The PR doesn’t specify the regulatory milestone that will trigger payment of the $2/sh CVR.

“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
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