Biotech Companies Make Merger Deals

Ligand Pharmaceuticals will acquire Metabasis Therapeutics by initially paying about $1.8 million to Metabasis stockholders and making future cash payments if it sells or finds partners for any Metabasis drug development programs. Ligand has agreed to spend at least $8 million in new R&D funding on the Metabasis programs within 42 months of closing the deal. In a more traditional merger, BioMarin Pharmaceutical has paid $15 million to acquire Huxley Pharmaceuticals and its amifampridine phosphate drug for treating Lambert Eaton Myasthenic Syndrome, a rare autoimmune disease. BioMarin will make up to $43.5 million in other payments if the drug hits certain milestones.