Ligand Partner Prism Pharmaceuticals To Be Acquired By Baxter (LGND, BAX)

Ligand Pharmaceuticals Incorporated LGND announced that its partner Prism Pharmaceuticals has entered into a definitive agreement to be acquired by Baxter International Inc. BAX. Prism Pharmaceuticals recently received FDA approval for Nexterone®, an antiarrhythmic agent which Ligand originally developed with its patented Captisol® formulation technology and licensed to Prism in 2006. Ligand is eligible to receive milestones, royalties and Captisol material sales revenue from this partnership.