Ligand Announces Results of Special Stockholder Meeting
SAN DIEGO--
Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) announced today
that its stockholders approved all the matters proposed in the
Company's recent proxy statement, including the approval of the sale
of AVINZA and related assets to King Pharmaceuticals, Inc. In
addition, the Company's stockholders approved amendments to Ligand's
2002 stock incentive plan. The results were certified following a
Special Meeting of Stockholders held this morning. The Company is
working closely with King to formally close the AVINZA sale as quickly
as possible.
About Ligand
Ligand discovers and develops new drugs that address critical
unmet medical needs of patients in the areas of cancer, pain, skin
diseases, men's and women's hormone-related diseases, osteoporosis,
metabolic disorders, and cardiovascular 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. For more information, go to
www.ligand.com.
Caution Regarding Forward-Looking Statements
This news release contains forward-looking statements by Ligand
that involve risks and uncertainties and reflect Ligand's judgment as
of the date of this release. These statements include those related to
the AVINZA asset sale and closing. Actual events or results may differ
from Ligand's expectations. For example, we may not be able to
consummate the asset sale in the expected timeframe or at all. Any
failure to close the transaction could cause our stock price to
decrease. 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, available via the Company's
internet site 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 February 12, 2007