By Ligand Pharmaceuticals has successfully finalized its acquisition of the assets of Novan, following its offer made in July.
Acquisition Offer
On July 17th, Ligand put forward a $15 million offer to purchase all of the assets of Novan. Additionally, Ligand offered up to $15 million in debtor-in-possession financing.
Bankruptcy Court Approval
In September, the bankruptcy court approved Ligand’s bid of $12.2 million to acquire berdazimer gel and all assets related to the Nitricil technology platform. The rights to the Bayer-partnered Sitavig program were also included in the agreement.
Sale of Remaining Assets
The remaining commercial assets of EPI Health will be sold to other interested parties separately.
Transaction Details
The approved bid amount of $12.2 million was credited to the $15 million debtor-in-possession financing. Ligand has been repaid the balance of $2.8 million along with accrued interest.
PDUFA Goal Date
Berdazimer gel continues its development process and is on track for a PDUFA (Prescription Drug User Fee Act) goal date of January 5, 2024. It holds the potential to become the first at-home treatment for molluscum contagiosum.
For more information, please contact Ligand Pharmaceuticals.
Note: Contact and personal information removed
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