Ligand Earns $1 Million Upfront Payment from Pfizer on Sublicensing of Tanaproget
SAN DIEGO--
Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) announced today
that its partner Pfizer, Inc. (NYSE:PFE) has granted a sublicense to a
multi-national pharmaceutical company for Tanaproget, also known as
NSP-989. As a result, Ligand will receive an upfront payment of $1
million from Pfizer. Ligand is entitled to clinical and regulatory
milestone payments from Pfizer as Tanaproget advances through the
development process, as well as tiered royalties on net sales.
Tanaproget is a tissue-selective, non-steroidal contraceptive
progesterone receptor agonist that has the potential for an improved
side effect profile over current steroid-containing contraceptives. The
sublicensee is now responsible for the worldwide development,
registration and commercialization of Tanaproget.
"We are pleased with Pfizer's decision to enable further progression of
Tanaproget through this sublicense agreement. Tanaproget is an example
of the significant progress made in the field of women's health,
providing an additional oral contraceptive option for women using both
prescription and non-prescription methods of contraception," said John
L. Higgins, President and Chief Executive Officer of Ligand
Pharmaceuticals. "Our collaborative relationship with Pfizer continues
to be very productive and this sublicense adds another promising program
to Ligand's large portfolio of assets."
About Ligand Pharmaceuticals
Ligand discovers and develops novel drugs that address critical unmet
medical needs of patients for a broad spectrum of diseases including
hepatitis, muscle wasting, Alzheimer's disease, dyslipidemia, diabetes,
anemia, COPD, asthma, rheumatoid arthritis and osteoporosis. Ligand's
proprietary drug discovery and development programs are based on
advanced cell-based assays, tissue-specific receptor ligand interactions
and gene-expression tools. Among our peers, we believe Ligand has
assembled one of the largest portfolio of assets including commercial
therapies developed in partnership with pharmaceutical companies. Ligand
has established multiple alliances with the world's leading
pharmaceutical companies including GlaxoSmithKline, Merck, Pfizer,
Bristol-Myers Squibb and AstraZeneca, and more than 30 programs in
various stages of development. For more information, please visit www.ligand.com.
Caution Regarding Forward-Looking Statements
This news release contains forward-looking statements by Ligand that
involve risks and uncertainties and reflect Ligand's judgment as of the
date of this release. These statements include those regarding timing
for Tanaproget and other drug candidates, data analysis and evaluation
of Tanaproget, utility or potential benefits to patients, the potential
commercial market for Tanaproget and plans for continued development and
further studies of Tanaproget. Actual events or results may differ from
Ligand's expectations. For example, there can be no assurance that other
trials or evaluations of Tanaproget or other SERM-related product
candidates will be favorable or that they will confirm results of
previous studies, that data evaluation will be completed or demonstrate
any hypothesis or endpoint, that Tanaproget or other SERM-related
product candidates will provide utility or benefits to certain patients,
that any presentations will be favorably received, that Tanaproget or
other SERM-related product candidates will be useful as a single agent
or in combination with other drugs, that marketing applications will be
filed or, if filed, approved, or that clinical or commercial development
of these product candidates will be initiated, completed or successful
or that our rights to Tanaproget and other SERM-related product
candidates will not be successfully challenged. The failure to meet
expectations with respect to any of the foregoing matters may reduce
Ligand's stock price. Additional information concerning these and other
risk factors affecting Ligand can be found in prior press releases
available at www.ligand.com
as well as in public periodic filings with the Securities and Exchange
Commission, available via www.sec.gov.
Ligand disclaims any intent or obligation to update these
forward-looking statements beyond the date of this press release. This
caution is made under the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.
Source: Ligand Pharmaceuticals Incorporated
Released December 22, 2010