Ligand Pharmaceuticals Incorporated entered into a stalking horse asset purchase agreement to acquire Substantially All of the Assets of Novan, Inc. for $15 million.
The transaction is part of a sale process under Section 363 of the Bankruptcy Code that will be subject to approval by the Bankruptcy Court and compliance with agreed upon and Bankruptcy Court-approved bidding procedures allowing for the submission of higher or otherwise better offers, and other agreed-upon conditions. The transaction is expected to close in the third quarter of 2023. Gerald F. Roach; Christopher B. Capel; James R. Jolley of Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, L.L.P. and Derek Abbot of Morris, Nichols, Arsht & Tunnell LLP acted as legal advisors for Novan. Craig Wolfe of Morgan, Lewis & Bockius LLP acted as legal advisor for Ligand Pharmaceuticals. Birch Lake is acting as financial advisor for Ligand Pharmaceuticals. Novan engaged Raymond James & Associates, Inc. and SIERRACONSTELLATION PARTNERS LLC. as financial advisor.