Thursday, October 26, 2006

Ligand Pharmaceuticals Agrees to $47.6 Million Sale Leaseback of HQ in CA

Ligand Pharmaceuticals Web Site - October 26, 2006

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) announced today that it has signed a definitive agreement to sell its corporate headquarters building/land and two adjacent undeveloped parcels of land in Torrey Pines Science Center to Slough Estates USA Inc. for an aggregate consideration of $47.6 million and to lease the building back from Slough.

'We are pleased that our strategic process has produced another transaction that we believe will enhance shareholder value. The sale of our real estate assets will provide additional working capital as we transition to a refocused Ligand built upon our targeted internal research and development effort and broad partnered product pipelines,' said Henry F. Blissenbach, Ligand Chairman and Interim CEO. The asset purchase agreement and related contracts have been approved by the Ligand board of directors. The transaction is subject to payment of an existing mortgage and other customary closing conditions.

Under the terms of the asset purchase agreement, Ligand will receive cash of approximately $35 million, net of fees, expenses, and existing indebtedness. In addition, Ligand has entered into a long term lease arrangement with Slough to lease back the building. Sphere: Related Content

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