- BVF’s purchases must exceed the 19.99% threshold within nine months from the date of the agreement, or the waiver for the increased ownership limit automatically terminates.
- At any time BVF holds a position in excess of 19.99% of Ligand’s outstanding stock, Ligand’s Board of Directors will have sole voting control over BVF-owned shares representing 15% of the company’s total outstanding shares (currently approximately 3 million shares).
- BVF will not attempt to nominate any Director to the Ligand Board of Directors or undertake any other control initiative.
- Any shares purchased in excess of 19.99% of the outstanding common stock must be held by BVF for a minimum of four years or until the stock reaches $100 per share.
Ligand Raises Ownership Limit For BVF Partners To 25% Of Shares Outstanding
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