Ligand completes acquisition of Pharmacopeia

SAN DIEGO Ligand Pharmaceuticals has completed its acquisition of Pharmacopeia, Ligand announced Tuesday.

The San Diego-based Ligand announced its intention to acquire Cranbury, N.J.-based Pharmacopeia on Sept. 24. Ligand paid $9.3 million in cash and issued 18 million shares of its common stock to Pharmacopeia shareholders for the acquisition.

 "We are excited about Ligand?s future and are encouraged by the positive reaction we have received to this transaction from investors in both companies," Ligand chief executive officer John Higgins said in a statement. 

As part of the acquisition, Ligand laid off 28 percent of Pharmacopeia's work force, effective Jan. 2.