Biopharmaceutical company Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) disclosed on Tuesday that it has entered into an agreement to acquire the core assets of Icagen Inc's North Carolina operations for a purchase price of USD15m in cash, subject to certain closing conditions.

Under the terms of the agreement, Icagen is entitled to receive up to another USD25m in cash based on certain revenue achievements.

Icagen Inc's North Carolina operations include partnered programmes, proprietary ion channel screening and assay platforms, x-ray fluorescence capabilities, custom screening technologies as well as novel unpartnered preclinical-stage molecules.

Additionally, Ligand will acquire the assets include Icagen's partnered programmes with Roche focused on neurological diseases and with the Cystic Fibrosis Foundation (CFF) focused on cystic fibrosis.

In conjunction with the agreement, Ligand will acquire six Icagen preclinical-stage internal programems targeting diabetes, Parkinson's disease, pain as well as other disorders.

Upon closing in April 2020, Ligand expects 2020 total revenues to be USD128m, up from the prior USD121m. In 2020, adjusted earnings per diluted share is now projected to be USD3.45, up from the previous USD3.40. The contribution of the acquired Icagen assets and business is expected to increase in 2021, with revenues of USD12m and adjusted earnings per diluted share of USD0.25.