Ligand and GlaxoSmithKline Collaboration Identifies New Lead Compound
SAN DIEGO, Mar 30, 2009 (BUSINESS WIRE) —-Ligand Pharmaceuticals Incorporated (NASDAQ: LGND: 2.98, -0.14, -4.49%) today
announced that it has identified a new lead for advancement in its
alliance with GlaxoSmithKline (NYSE:GSK). This newly identified lead
compound is from a program being evaluated as a potential treatment for
inflammatory indications identified through the collaboration. As a
result of this achievement, Ligand has earned a $500,000 milestone
payment from GSK.
Including this milestone, Ligand has received a total of $18.5 million
from GSK in connection with the alliance. Ligand is entitled to receive
success-based milestone payments from GSK, starting in the preclinical
research stage, for each drug development program and potentially up to
double-digit royalties on the sales of any product commercialized by GSK
under the multi-program alliance. The drug screening alliance with GSK
began in March 2006 with the goal of identifying and advancing novel
candidates in broad therapeutic areas.
“We are very pleased to see the continued progress with GSK under this
broad and productive discovery alliance,” said John L. Higgins,
President and Chief Executive Officer of Ligand Pharmaceuticals. “GSK
has been an excellent collaborator with Ligand through the years,
working initially on the discovery of PROMACTA(R: 24.08, -1.36, -5.35%), which was recently
approved, and now on multiple novel early-stage targets. These milestone
payments provide cash to fuel our business and represent the value and
caliber of the drug screening and research we provide our partners.”
