There are very recent rumors that has exploded in popularity last week that Novan (NOVN) could be an acquisition target by a large pharmaceutical company.
Novan occupies space at 4105 Hopson Rd, Morrisville, NC at 53K Sq Feet Office Floor, I went on Google Maps and it turns out that not just Novan occupies it, Kymanox also occupies the space.
Novan (NOVN): What is Kymanox?
Kymanox is a premier professional services organization with a focus on project delivery. Basically, they help small bio companys move through trials faster. As I research this more, one of the individuals who led the Kymanox team is Ryan Doxey, in which he is named on multiple patents with Novan.
I also took note of Ligand Pharmaceuticals (LGND) following Novan recently, they are trading at $122 per share and has invested $12M in Novan in 2019 to fund the SB206 program and earn a percentage of future sales.
Is Ligand Pharmaceuticals (LGND) to acquire Novan (NOVN)?
Quite possibly, words are beginning to spread of a potential new connection between Novan and Ligand Pharmaceuticals (1b+ cap) previously the company invested 12m into Novan SB206 and is set to receive 7-10% in royalties as seen on their official site.
Earlier this year SB206 trial failed to beat placebo depressing NOVN shares, the company currently started another trial to act as a confirmatory study for the drug to support future NDA application. The risk of another failure would harm both companies speculation is further fueled by LGND following the official Twitter handle of NOVN earlier today.
Novan (NOVN) $3+ price target
As you look at the chart, there is a gap waiting to be filled at $3.
Shares of Novan (NOVN) appear to be a very good investment option, the Money Midnight Indicator is expecting its price to increase considerably in the next several months. The majority of the metrics point to this investment being highly attractive.
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