Ligand acquires APEIRON for $100M, adds QARZIBA royalty; raises 2024 guidance

LIGAND PHARMACEUTICALS INC

Acquisition of APEIRON Biologics for $100M cash; up to $28M additional contingent consideration based on QARZIBA royalty thresholds by 2030/2034.
QARZIBA is approved in EU for high-risk neuroblastoma, marketed in >35 countries by Recordati; patent protection until 2034.
Transaction expected to close July 2024; subject to 30-day shareholder objection period and other customary conditions.
Ligand raises 2024 revenue guidance to $140M-$157M (from $130M-$142M) and core adjusted EPS to $5.00-$5.50 (from $4.25-$4.75).
Deal immediately accretive to EPS by ~$1.00 annualized; ~$0.50 impact in 2024.

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