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Why Are Novan Shares Nosediving Today?

Novan Inc (NASDAQ: NOVN) shares are trading lower after Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announced that it has offered to acquire the company's assets. The deal value includes $15 million in cash and provides up to $15 million in DIP financing to Novan, including a $3 million bridge loan already funded. Novan announced earlier today that it has filed for Chapter 11 reorganization and its entry into a stalking horse acquisition offer with Ligand. The transaction is designed...
Ligand Pharmaceuticals Incorporated Raymond James Associates Novan Inc Raymond James Benzinga Pro Why Are Novan Shares Nosediving
Source: yahoo.com

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