LGND - Ligand divests Vernalis research operations for $25M

Ligand Pharmaceuticals ([[LGND]] +1.3%) announces that it has sold its Vernalis research operations and internal programs to HitGen Inc. for $25M in cash.Ligand to retain economic rights on completed collaboration licenses as well as a share of the economic rights on current research collaboration contracts. Vernalis will continue to support certain existing Ligand partnerships.Company says this transaction with HitGen represents an attractive return on their purchase of Vernalis in October 2018, while they maintain economic rights to the promising partnerships that initially attracted them to Vernalis, including with Verona and Corvus.The transaction is expected to close in 4Q20.

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Ligand divests Vernalis research operations for $25M