Vernalis plc is to be acquired by Ligand Pharma

Ligand Pharmaceuticals Incorporated and Vernalis plc announce that Ligand has declared its firm intention to acquire the entire issued and to be issued shares of Vernalis through a UK scheme of arrangement conditional on approval by the Vernalis shareholders. Vernalis is a structure-based drug discovery biotechnology company with a broad pipeline of partnered programs and ongoing collaborations. Under the terms of the proposed UK scheme of arrangement, Ligand would pay Vernalis shareholders �0.062 per share in cash, valuing Vernalis at approximately �32.8 million, equivalent to approximately $43 million. This proposal � which requires approval by a majority of the shareholders representing at least 75% or more in value of the company�s outstanding shares voting on the transaction � has received the support and irrevocable undertakings from the Board of Directors of Vernalis and its two largest shareholders, who own in aggregate approximately 67% of the outstanding shares of the company.