Item 1.01 Entry into a Material Definitive Agreement. Our newly-formed subsidiary Adjacent Acquisition Co., LLC entered into an Asset Purchase Agreement dated February 11, 2020 with Icagen, Inc., Icagen Corp., XRPro Sciences, Inc. and Caldera Discovery, Inc. (collectively, "Icagen") whereby the Ligand subsidiary will acquire the core assets of Icagen's North Carolina operations, including two significant partnered programs, proprietary ion channel screening and assay platforms, x-ray fluorescence capabilities, custom screening technologies, novel unpartnered preclinical-stage molecules and six preclinical-stage internal programs, for $15 million in cash. Icagen will also be entitled to receive up to an additional $25 million of cash payments based on certain revenue achievements.

Item 8.01 Other Events. On February 11, 2020, we issued a press release regarding the Icagen transaction. A copy of this press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.




Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
 Exhibit No.   Description
     99.1      Press release dated February 11, 2020.









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