CyDex stockholders approve merger with Ligand

CyDex Pharmaceuticals, Inc. today announced that its stockholders have voted to approve an Agreement and Plan of Merger between CyDex and Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) and that closing of the transaction has taken place. CyDex will continue its business operations, based in Lenexa, Kansas, as a wholly owned subsidiary of Ligand.

Former CyDex President and CEO Theron E. Odlaug said, "This transaction marks the beginning of a new and promising chapter in CyDex's history and a moment of opportunity for the CyDex organization. Joining forces with Ligand - a company with formidable pharmaceutical resources and expertise - will significantly accelerate the development of CyDex's Captisol^® technology franchise. It has been a privilege to lead the outstanding CyDex employee team for the past two and one-half years, and I sincerely thank them for the dedication and innovation that made this day possible."

Former CyDex Board of Directors Chairman James C. Gale said, "This corporate milestone reflects CyDex's success in applying its technology to help its clients solve complex formulation problems and transform insoluble molecules into effective drugs. The board of directors and the Company's shareholders extend their appreciation to Ted Odlaug for his vision and leadership, and to Allen Roberson and the CyDex team for their dedication and competency."

Canaccord Genuity and Polsinelli Shughart PC acted as financial and legal advisers, respectively, to CyDex in this transaction.