Ligand Pharma To Buy Biotech Company For $178 Million

Ligand Pharmaceuticals Inc. said Thursday it will acquire privately held OMT Inc. for $178 million in a cash and stock deal. OMT is "a leader in genetic engineering of animals" for generating therapeutic human antibodies, Ligand said in a statement. OMT's business is projected to add $6 million and $12 million of revenues to Ligand in 2016 and 2017, respectively. The company expects that yearly expenses to operate OMT will be between $3 million and $5 million. Shares of Ligand were flat late Thursday after ending the regular session up 0.4%.