On Sep. 27, 2023, Ligand Pharmaceuticals announced that it has closed the transaction to acquire assets of Novan following the offer it made on July 17, 2023. On July 17, 2023, Ligand offered $15 million to acquire all of the assets of Novan as well as to provide up to $15 million in debtor-in-possession (“DIP”) financing.

In September 2023, the Bankruptcy Court approved a $12.2 million bid from Ligand to purchase berdazimer gel and all the assets related to the NITRICIL™ technology platform, and the rights to the Bayer-partnered Sitavig program.

The remaining commercial assets of EPI Health will be sold to other parties. The approved $12.2 million bid was credited to the $15 million DIP financing, with the balance of $2.8 million and accrued interest repaid to Ligand. Berdazimer gel remains on track for a PDUFA goal date of January 5, 2024, as the first potential at-home treatment for molluscum contagiosum.

Ligand is a biopharmaceutical company enabling scientific advancement through supporting the clinical development of high-value medicines. Ligand does this by providing financing, licensing their technologies or both.

Novan was a biotechnology company located in Durham, North Carolina that was focused on developing and commercializing innovative therapeutic products for skin diseases.