Ligand Pharmaceuticals, a Nasdaq-listed drugs company, has acquired corporate venturing-backed peer CyDex Pharmaceuticals for more than $32m.
Ligand will pay $31.2m of cash on top of the $800,000 of net cash in CyDex and a further $4.3m in 12 months time as well as undisclosed performance fees. US-based CyDex had revenues of $16.3m and earnings before interest, tax, depreciation and amortisation of $7.6m last year. This year, Ligand now expects total revenues to be $22m to $24m after integrating CyDex.
CyDex had raised more than $29m since 2000 from a consortium including SR One, the corporate venturing unit of drugs company GlaxoSmithKline, and industrial group Eastman Chemical’s investments unit, and venture capital firms TVM Capital, RiverVest Venture Partners and Life Sciences Opportunities Funds, according to news provider Fortune.