January 2011
    

From Our Life Sciences Group

CyDex Pharmaceuticals Approves Merger With Ligand Pharmaceuticals

Polsinelli Shughart Life Sciences group acts as legal advisor to CyDex in successful exit transaction.

CyDex Pharmaceuticals, Inc. announced January 26, 2010, that its stockholders have voted to approve an Agreement and Plan of Merger between CyDex and Ligand Pharmaceuticals Incorporated (NASDAQ: LGND). CyDex will continue its business operations, based in Lenexa, Kansas, as a wholly owned subsidiary of Ligand.

CyDex is a specialty pharmaceutical company developing products and licensing its Captisol® technology. Polsinelli Shughart acted as legal adviser to CyDex in this transaction.

"The merger with Ligand represents a successful exit transaction for CyDex after 15 years of development and commercialization work,” said Polsinelli Shughart Life Sciences Chairman Kevin Sweeney, who led the transaction. “In light of the recent difficult environment for M&A transactions of any type for venture-backed pharmaceutical companies, this announcement is consistent with increased deal flow in this space nationally and a harbinger of possible good things to come for other life science companies who are looking to move to the next stage in their development."

The industry appears to be on the rebound, and life science and biotech company executives are cautiously optimistic. President Obama announced this week during his State of the Union address that he is submitting a budget that calls for increased investment in biomedical research. CyDex President and CEO Theron Odlaug said the transaction marks the beginning of a new and promising chapter in the company’s history. To read more about the merger with Ligand click here.

ABOUT POLSINELLI SHUGHART'S LIFE SCIENCES GROUP:

The multidisciplinary Life Sciences group of Polsinelli Shughart is on the forefront of providing the entire spectrum of the legal needs for life science businesses, entrepreneurs, investors, institutes and scientists. Our team of life sciences attorneys provides tailored and focused representation to early stage, emerging and mature life sciences businesses in the areas of intellectual property and technology transfer, health care, corporate finance, regulatory and real estate development, and nonprofit organizations, among others. If you have questions or need further information, please contact Kevin Sweeney at 816.572.4638 or KRSweeney@polsinelli.com.

ABOUT POLSINELLI SHUGHART PC:

With more than 500 attorneys, Polsinelli Shughart PC is a national law firm that is a recognized leader in the areas of business law, financial services, real estate and business litigation. Serving corporate, institutional and individual clients, Polsinelli Shughart is redefining the business of law by sharing ideas, goals and outcomes with its clients.  The firm builds enduring relationships by creating value beyond legal services – with passion, ingenuity and a sense of urgency. The firm can be found online at www.polsinelli.com.

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