11/6/2012 8:00:16 AM
SAN DIEGO--(BUSINESS WIRE)--Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) today announced preliminary financial results for the three months ended September 30, 2012 and provided a business update. In a separate announcement made today Ligand also announced plans to restate financial statements for 2011 and the first two quarters of 2012. Investors should rely on the forthcoming restated financial statements rather than previously filed financial statements and other financial information. The restatement relates to errors in the calculation of the fair value of the contingent liability related to what Ligand potentially owes Prism Pharmaceuticals (now Baxter International) and CyDex Contingent Value Rights holders out of the total proceeds potentially due from a license agreement with The Medicines Company.
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