Ligand lays out $178 million to acquire OMT
US biotech firm Ligand Pharmaceuticals (Nasdaq: LGND) has entered into an agreement to acquire Open Monoclonal Technology (OMT), a leader in genetic engineering of animals for the generation of human therapeutic antibodies through its OmniAb platform.
Under the terms of the transaction, Ligand will pay OMT shareholders approximately $178 million, including $92.6 million in cash and $85.4 million in Ligand common stock. Roland Buelow, founder of OMT and a world-renowned antibody researcher, is expected to join Ligand as vice president of antibody technologies and continue working with Ligand on advancing the OMT business. The transaction is subject to customary closing conditions and is expected to close in January 2016.
Revenues forecast
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