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Published on 17 Jul 2023 on Benzinga via Yahoo Finance

Why Are Novan Shares Nosediving Today?


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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.

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