Ligand Pharmaceuticals (NASDAQ:LGND) has agreed to acquire Pfenex (NYSEMKT:PFNX) at $12/share, equivalent to $438M in equity value, representing a 57% premium to Pfenex’s last close price of $7.66 on August 10.
Additionally, Ligand will pay $2/per share or $78M as a Contingent Value Right in the event a predefined regulatory milestone is achieved by December 31, 2021.
The acquisition expected to complete by next quarter, as well as expand Ligand’s technology offerings by adding a proprietary protein expression technology platform.
Ligand expects the transaction will be modestly dilutive to 2020 adjusted diluted EPS, will provide $0.10 to $0.30 of adjusted diluted EPS accretion in 2021, and will provide significant annual adjusted diluted EPS accretion thereafter with current forecast of $0.60 to $0.80 in 2022 and $1.25 to $1.50 in 2023.
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