January 28, 2011

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

Former CyDex President and CEO Theron E. Odlaug said, “This transaction marks the beginning of a new and promising chapter in CyDex’s history and a moment of opportunity for the CyDex organization. Joining forces with Ligand – a company with formidable pharmaceutical resources and expertise – will significantly accelerate the development of CyDex’s Captisol® technology franchise. It has been a privilege to lead the outstanding CyDex employee team for the past two and one-half years, and I sincerely thank them for the dedication and innovation that made this day possible.”

Former CyDex Board of Directors Chairman James C. Gale said, “This corporate milestone reflects CyDex’s success in applying its technology to help its clients solve complex formulation problems and transform insoluble molecules into effective drugs . The board of directors and the Company’s shareholders extend their appreciation to Ted Odlaug for his vision and leadership, and to Allen Roberson and the Cydex team for their dedication and competency.”

Canaccord Genuity and Polsinelli Shughart PC acted as financial and legal advisers, respectively, 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."

For information contact:

Public Relations Manager Heather McMichael, 816-395-0618,

CyDex Pharmaceuticals, Inc. General Manager Allen K. Roberson, 913-685-8850,

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 has offices located in Kansas City; St. Louis; Phoenix; Chicago; Denver; Washington, D.C.; New York; Wilmington, Del.; Overland Park, Kan.; St. Joseph, Springfield, and Jefferson City, Mo.; Topeka, Kan.; and Edwardsville, Ill.

About CyDex Pharmaceuticals, Inc.
CyDex Pharmaceuticals, Inc. is a specialty pharmaceutical company developing products and
licensing its Captisol®technology. Captisol is currently incorporated in five FDA-approved
medications and marketed by three of the company’s licensees: Pfizer, Bristol-Myers Squibb and
Prism Pharmaceuticals. In addition, the company is supporting drug development efforts with more
than 40 other companies worldwide. The company maintains patents in the U.S. and worldwide for
its Captisol technology, Captisol manufacturing and Captisol-enabled products, and comprehensive
FDA Manufacturing and Safety Drug Master Files. For information on business development
opportunities, please contact Richard White at or 913.685.8850. To learn
more about the company, please visit