Novan Enters Into Agreement To Sell Substantially All Of Its Assets, Including Berdazimer Gel, 10.3%, And Files For Chapter 11 Protection; Announces Commitment From Ligand To Fund $15M In Debtor-In-Posession Financing
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Novan has entered into an agreement to sell substantially all of its assets, including Berdazimer Gel, 10.3% (Sb206), and has filed for Chapter 11 protection. Ligand has committed to fund $15M in debtor-in-possession financing.
July 17, 2023 | 12:48 pm
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NEUTRAL IMPACT
Ligand has committed to fund $15M in debtor-in-possession financing for Novan.
Ligand's commitment to fund $15M in financing for Novan could be seen as a risky investment, but it could also potentially lead to a return if Novan successfully restructures. The impact on Ligand's stock price is uncertain in the short term.
CONFIDENCE 100
IMPORTANCE 75
RELEVANCE 75
NEGATIVE IMPACT
Novan is selling most of its assets and has filed for Chapter 11 protection.
The sale of assets and filing for Chapter 11 protection indicates financial distress, which is likely to negatively impact the stock price in the short term.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100