Ligand Announces Changes and Additions to the Board of Directors
John W. Kozarich Appointed Chairman of the Board
SAN DIEGO--
Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) today announced
the appointment of John L. Higgins, David M. Knott, Elizabeth M.
Greetham and Todd C. Davis to its board of directors. Effective March
1, the above appointees will replace: Irving S. Johnson, Ph.D., a
director of Ligand since 1989, Carl C. Peck, M.D., a director since
1997, John Groom, a director since 1995, Daniel S. Loeb, a director
since 2005, and Brigette Roberts, a director since 2005.
In addition, John W. Kozarich, Ph.D., a director since 2003, was
named Chairman of the Board, assuming the position previously held by
Henry F. Blissenbach, who will remain on the board. Dr. Kozarich is
President and Chairman of ActivX Biosciences, a subsidiary of Kyorin
Pharmaceuticals, and is a professor of biotechnology at Scripps
Research Institute.
"We are pleased to have attracted accomplished industry
professionals with diverse backgrounds and expertise to our Board, and
I look forward to working with them. The company will also benefit
from the leadership and experience of Dr. Kozarich in his expanded
role as our new Chairman," said John L. Higgins, President and Chief
Executive Officer. "We believe the Board is configured to represent
the best interest of all of our shareholders, and we look forward to
gaining the new members' insight as Ligand continues its
transformation to a highly focused R&D and royalty driven
pharmaceutical company. I would also like to thank those resigning
from the Board for their service and contribution in advancing Ligand
to this stage in its development."
"Now that we have brought outstanding new management and directors
into Ligand, and have successfully repositioned the company, it is no
longer necessary for Third Point to have three board representatives,"
stated Daniel Loeb, Chief Executive Officer of Third Point. "We will,
however, continue to have one Third Point representative on the Board,
and are delighted that David Knott, Ligand's largest institutional
shareholder, is joining us on the Ligand Board."
David M. Knott, 62, is Chief Investment Manager of Knott Partners
Management and Dorset Management, two related hedge fund entities. He
was previously with Mandrakos Associates. Prior to that, Mr. Knott was
a broker at Donaldson Lufkin & Jenrette (DLJ). He received a B.A. in
Political Science from the University of Pennsylvania and an M.B.A. in
Finance from the Wharton School of the University of Pennsylvania.
Elizabeth M. Greetham, 57, is Chief Executive Officer and
President of ACCL Financial Consultants. Prior to ACCL, Ms. Greetham
served as both CEO and CFO of DrugAbuse Sciences and was a portfolio
manager at Weiss, Peck & Greer. Ms. Greetham also serves as a member
of the board of directors of publicly traded King Pharmaceuticals,
Inc. Ms. Greetham earned an M.A. with Honors from the University of
Edinburgh in Scotland.
Todd C. Davis, 46, is a Managing Director of Cowen & Company and a
principal and founder of Cowen Healthcare Royalty Partners.
Previously, Mr. Davis was a partner at Paul Capital Partners, Apax
Partners and an operating executive for Elan Pharmaceuticals and
Abbott Laboratories. Mr. Davis has served on the boards of several
public and private companies, including most recently Verus
Pharmaceuticals, Prism Pharmaceuticals, Prometheus Laboratories and
SkinMedica. He holds a B.S. in mathematics from the U.S. Naval Academy
and an M.B.A. from Harvard Business School.
About Ligand
Ligand discovers and develops new drugs that address critical
unmet medical needs of patients in the areas of thrombocytopenia,
cancer, hormone-related diseases, osteoporosis and inflammatory
diseases. Ligand's proprietary drug discovery and development programs
are based on its leadership position in gene transcription technology,
primarily related to Intracellular Receptors.
Caution regarding Forward-Looking Statements
This news release contains certain forward-looking statements by
Ligand that involve risks and uncertainties and reflect Ligand's
judgment as of the date of this release. Actual events or results may
differ from Ligand's expectations. For example, we may not receive
expected royalties on AVINZA(R) from King Pharmaceuticals or we may
not be able to timely or successfully transform the Company or advance
any product(s) in our pipeline. Additional information concerning
these and other risk factors affecting Ligand's business can be found
in prior press releases as well as in Ligand's public periodic filings
with the Securities and Exchange Commission, which are available at
www.ligand.com. Ligand disclaims any intent or obligation to update
these forward-looking statements beyond the date of this release. This
caution is made under the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.
Source: Ligand Pharmaceuticals Incorporated
Released March 1, 2007