공시 • Sep 29
Ligand Pharmaceuticals Incorporated (NasdaqGM:LGND) completed the acquisition of Substantially All of the Assets of Novan, Inc. Ligand Pharmaceuticals Incorporated (NasdaqGM:LGND) entered into a stalking horse asset purchase agreement to acquire Substantially All of the Assets of Novan, Inc. for $30 million on July 17, 2023. Novan entered into a “stalking horse” asset purchase agreement with Ligand Pharmaceuticals to sell substantially all of the assets of the Company and its subsidiaries, including EPI Health (the “Purchased Assets”) for an upfront payment of $15 million. The cash payable at closing will be reduced dollar-for-dollar by the outstanding balance of the DIP Credit Facility which will be repaid at closing. The Purchase Agreement provides that the Company will pay a break-up fee to Ligand equal to $450,000 upon termination of the transaction in certain circumstances, including the entry into or consummation of an alternative transaction for the Purchased Assets with a party other than Ligand. Ligand Pharmaceuticals provide up to $15 million in DIP financing to Novan inclusive of a $3 million bridge loan already funded.
The transaction is part of a sale process under Section 363 of the Bankruptcy Code that will be subject to approval by the Bankruptcy Court and compliance with agreed upon and Bankruptcy Court-approved bidding procedures allowing for the submission of higher or otherwise better offers, and other agreed-upon conditions. The transaction is expected to close in the third quarter of 2023. Gerald F. Roach; Christopher B. Capel; James R. Jolley of Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, L.L.P. and Derek Abbot of Morris, Nichols, Arsht & Tunnell LLP acted as legal advisors for Novan. Craig Wolfe of Morgan, Lewis & Bockius LLP acted as legal advisor for Ligand Pharmaceuticals. Birch Lake is acting as financial advisor for Ligand Pharmaceuticals. Novan engaged Raymond James & Associates, Inc. andSIERRACONSTELLATION PARTNERS LLC. as financial advisor.
Ligand Pharmaceuticals Incorporated (NasdaqGM:LGND) completed the acquisition of Substantially All of the Assets of Novan, Inc. on September 27, 2023. 공시 • Sep 08
Nasdaq To Delist the Common Stock of Novan Nasdaq announced that it will delist the common stock of Novan, Inc. Novan, Inc.’s securities were suspended on July 26, 2023, and have not traded on Nasdaq since that time. 공시 • Jul 27
Novan, Inc.(OTCPK:NOVN.Q) dropped from NASDAQ Composite Index Novan, Inc. has been dropped from Nasdaq Composite Index. 공시 • Jul 07
Novan Receives a Deficiency Letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC Regarding MVLS Requirement On June 30, 2023, Novan, Inc. (the Company") received a deficiency letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC (Nasdaq") notifying the Company that it is not in compliance with Listing Rule 5550(b)(2), which requires the Company to maintain a minimum market value of listed securities of at least $35 million (the MVLS Requirement") for continued listing on the Nasdaq Capital Market. The letter noted that, as of that date, the Company's market value of listed securities was below $35 million for at least 30 consecutive business days. In accordance with Nasdaq rules, the Company has been provided 180 calendar days, or until December 27, 2023, to regain compliance with the MVLS Requirement or else be subject to delisting. To regain compliance with the MVLS Requirement, the Company's market value of listed securities must close at $35 million or more for a minimum of ten consecutive business days during the 180 calendar-day compliance period. The notification received has no immediate effect on the Company's continued listing on the Nasdaq Capital Market, subject to the Company's compliance with the other continued listing requirements. The Company continues to manage cash expenditures and cash flows, while pursuing various potential financing and strategic options to, among other things, advance its product candidate for molluscum contagiosum. Price Target Changed • Jul 05
Price target decreased by 12% to US$11.50 Down from US$13.00, the current price target is an average from 2 analysts. New target price is 2,296% above last closing price of US$0.48. Stock is down 80% over the past year. The company is forecast to post a net loss per share of US$0.85 next year compared to a net loss per share of US$1.42 last year. Major Estimate Revision • Jun 02
Consensus revenue estimates decrease by 12%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from US$24.0m to US$21.2m. EPS estimate increased from -US$0.994 to -US$0.898 per share. Pharmaceuticals industry in the US expected to see average net income decline 24% next year. Consensus price target down from US$13.00 to US$11.50. Share price was steady at US$1.12 over the past week. Price Target Changed • Jun 02
Price target decreased by 14% to US$11.50 Down from US$13.40, the current price target is an average from 4 analysts. New target price is 927% above last closing price of US$1.12. Stock is down 59% over the past year. The company is forecast to post a net loss per share of US$0.90 next year compared to a net loss per share of US$1.42 last year. Major Estimate Revision • May 22
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$26.1m to US$24.0m. Losses expected to increase from US$0.86 per share to US$0.99. Pharmaceuticals industry in the US expected to see average net income decline 17% next year. Consensus price target down from US$13.40 to US$13.00. Share price rose 3.4% to US$1.20 over the past week. Reported Earnings • May 17
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: US$0.54 loss per share. Revenue: US$3.17m (up 64% from 1Q 2022). Net loss: US$14.1m (loss widened 5.5% from 1Q 2022). Revenue missed analyst estimates by 49%. Earnings per share (EPS) also missed analyst estimates by 69%. Revenue is forecast to grow 50% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Pharmaceuticals industry in the US. 공시 • May 09
Novan, Inc. to Report Q1, 2023 Results on May 15, 2023 Novan, Inc. announced that they will report Q1, 2023 results on May 15, 2023 Reported Earnings • Mar 31
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: US$1.42 loss per share. Revenue: US$23.7m (up US$20.7m from FY 2021). Net loss: US$31.3m (loss widened 5.5% from FY 2021). Revenue exceeded analyst estimates by 22%. Earnings per share (EPS) also surpassed analyst estimates by 6.4%. Revenue is forecast to grow 40% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Pharmaceuticals industry in the US. Price Target Changed • Mar 30
Price target decreased by 13% to US$12.67 Down from US$14.50, the current price target is an average from 6 analysts. New target price is 956% above last closing price of US$1.20. Stock is down 70% over the past year. Breakeven Date Change • Feb 24
Forecast to breakeven in 2025 The 6 analysts covering Novan expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$12.4m in 2025. Average annual earnings growth of 60% is required to achieve expected profit on schedule. 공시 • Jan 07
Novan Submits New Drug Application to the U.S. FDA for Berdazimer Gel, 10.3% (Sb206) for the Treatment of Molluscum Contagiosum Novan, Inc. announced that the Company has submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) seeking marketing approval for berdazimer gel, 10.3% (SB206) for the topical treatment of molluscum contagiosum ("molluscum"). Assuming the filing is accepted by the FDA and given a typical 12-month review process, Novan anticipates a potential first quarter 2024 approval. Berdazimer gel, 10.3% is poised to be a first-in-class topical treatment for molluscum. The active ingredient, berdazimer sodium, is a new chemical entity that releases nitric oxide and has anti-viral activity.(4) If approved, berdazimer gel, 10.3% would be the first effective and safe topical treatment indicated for molluscum with the convenience of self-application. Results from the pivotal Phase 3 B-SIMPLE4 clinical study evaluating berdazimer gel, 10.3% for the treatment of molluscum (NCT04535531) demonstrated highly statistically significant improvement in primary clinical endpoint (p< 0.0001) in the largest cohort of molluscum patients ever studied and were recently published in JAMA Dermatology. Berdazimer gel, 10.3% was found to be well tolerated with mild application site pain and mild to moderate erythema reported as the most common adverse events.