NEW YORK, Sept. 25, 2008 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the Board of Directors of Pharmacopeia Inc. ("Pharmacopeia" or the "Company") (Nasdaq:PCOP) arising out of their attempt to sell the Company to Ligand Pharmaceuticals Inc. Under the terms of the agreement, Pharmacopeia shareholders would receive 0.58 shares of Ligand Pharmaceuticals stock for each share of Pharmacopeia. Based on the September 24, 2008 closing price of Ligand Pharmaceuticals stock, the value Pharmacopeia shareholders are to receive is approximately $1.81 per share. The transaction also includes a contingent value right under which Pharmacopeia shareholders may receive an additional $15 million under certain circumstances bringing the potential value of the transaction to approximately $70 million. The price is unfair given that the Company's share price traded at $2.87 as recently as August 22, 2008 and the Company has more than $1.49 per share in cash. The proposed acquisition is subject to customary conditions and regulatory approvals.
If you own common stock in Pharmacopeia and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/pcop.html
Levi & Korsinsky has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.