Ligand Pharmaceuticals Incorporated and Pfenex Inc. today revealed the signing of an agreement for Ligand to obtain all shares of Pfenex for $12.00 per share in cash or $438 million in equity value. Additionally, Ligand will spend $2.00 per share or $78 million as a Contingent Value Right (CVR), in the event a pre-built regulative milestone is reached by December 31, 2021, for a total transaction value of up to $516 million. The closing of this deal is subject to customary regulations and is considered to take place in the fourth quarter.

Pfenex is a licensing and development biotech corporation set on leveraging its proprietary Pfenex Expression technology., which provides a strong, endorsed and cost effective approach to recombinant protein production, and is well-suited for large scale, complex protein production that cannot be made by more older systems. 

Pfenex’s proficiency in the expression of multiplex proteins is highly supportive to Ligand’s industry-leading antibody and drug enabling advancements, creating a complete discovery and early stage platform.