January 29, 2010 (FinancialWire) — Ligand Pharmaceuticals Inc. (NASDAQ: LGND) said it has completed the acquisition of Metabasis Therapeutics, Inc. (NASDAQ: MBRX), following approval of the transaction by Metabasis stockholders on January 27.

As a result, Ligand said it gains a fully funded partnership with Roche, additional pipeline assets and drug discovery technologies and resources. The transaction was first reported on October 27, 2009.

Under the deal, Ligand paid $1.6 million in cash or about $0.046 per Metabasis share to Metabasis’ stockholders. In addition, Metabasis stockholders received four tradable Contingent Value Rights, one CVR from each of four respective series of CVRs, for each Metabasis share.

The CVRs will entitle Metabasis stockholders to cash payments as frequently as every six months as cash is received by Ligand from proceeds from Metabasis’ partnership with Roche or the sale or partnering of any of the Metabasis drug development programs, among other triggering events.

California-based Ligand develops drugs that address unmet medical needs of patients with hepatitis, muscle wasting, frailty, hormone-related diseases, osteoporosis, inflammatory diseases, anemia, asthma, rheumatoid arthritis and psoriasis.

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