Ligand Expands License with Sermonix to Include Worldwide Rights for Oral Lasofoxifene
SAN DIEGO--(BUSINESS WIRE)--
Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announces that
it has expanded its license with Sermonix Pharmaceuticals to include
worldwide rights to develop and commercialize oral lasofoxifene. Ligand
originally licensed the U.S. rights to oral lasofoxifene to Sermonix in
February of 2015, and has now expanded the agreement to include the rest
of the world. Sermonix is focused on breast and ovarian cancer treatment
with oral lasofoxifene, particularly an indication in the treatment of
advanced Estrogen Receptor positive (ER+) endocrine-resistant breast
cancer.
“Lasofoxifene is an asset with a rich heritage originating at Ligand and
with a substantial set of global clinical data. This agreement with
Sermonix represents an expansion of our relationship and enables further
development of oral lasofoxifene on a worldwide basis,” said John
Higgins, Chief Executive Officer of Ligand Pharmaceuticals. “This
amendment includes an upfront payment, additional commercial milestones
and 6% to 10% royalties on ex-US sales and is consistent with our
shots-on-goal business model of partnering the development of our assets
to create a robust pipeline with limited required R&D spending by
Ligand.”
About Lasofoxifene and Ligand’s Lasofoxifene Partnerships
Lasofoxifene was discovered through a research collaboration between
Ligand and Pfizer that began in 1991. The oral, 0.5 mg form of
lasofoxifene tartrate was developed by Pfizer under the trade name
Fablyn®, and progressed through regulatory approval in the EU. After
Pfizer acquired Wyeth and its drug Conbriza® (bazedoxifene), a similar
SERM program, rights to all forms of lasofoxifene reverted to Ligand in
2011. In 2013 Ligand licensed lasofoxifene to Azure Biotech for the
development of a novel formulation targeting an underserved market in
women's health. Also in 2013, Ligand licensed to Ethicor Pharmaceuticals
Ltd rights to manufacture and distribute oral lasofoxifene as an
unlicensed medicinal product in the European Economic Area, Switzerland
and the Indian Subcontinent. Ligand and Ethicor mutually terminated that
agreement in early 2017.
About Sermonix Pharmaceuticals
Sermonix Pharmaceuticals LLC is a biotechnology company with a targeted
focus on bringing female-specific oncology products through proof of
concept, clinical development, and regulatory approval. The company was
founded in 2014 by David Portman, MD, a leading clinical researcher and
expert in women's health, menopause and selective estrogen receptor
modulator (SERM) therapy. Sermonix has as its lead product oral
lasofoxifene, with exclusive worldwide licensing rights obtained from
Ligand Pharmaceuticals, Inc. (NASDAQ: LGND). The Sermonix internal
management team, led by Dr. Portman, has significant experience in all
stages of the drug development and regulatory process. James Symons, MS,
PhD, is Vice President of Clinical Development at Sermonix, and led the
global lasofoxifene VVA program while at Pfizer. Paul Plourde, MD, VP
Sermonix Oncology Clinical Development, was previously with
Astra-Zeneca, where he was instrumental in the development and approval
of tamoxifen, Arimidex® and Faslodex®. Barry Komm, PhD, Sermonix Chief
Scientific Officer, was former head of the SERM program at Wyeth and
Pfizer, playing a key role in the development and approval of
bazedoxifene and Duavee®. Elizabeth Attias, MMSc, ScD, is Vice President
of Business Development. Miriam Portman, M.D., is the Chief Operating
Officer of Sermonix. She is former Co-director and Founder of the
Columbus Center for Women's Health Research. Sermonix Non-Executive
Chairman of the Board is Anthony Wild, PhD, former president of both
Parke-Davis Pharmaceuticals and Warner-Lambert's Pharmaceutical Division.
About Ligand Pharmaceuticals
Ligand is a biopharmaceutical company focused on developing or acquiring
technologies that help pharmaceutical companies discover and develop
medicines. Our business model creates value for stockholders by
providing a diversified portfolio of biotech and pharmaceutical product
revenue streams that are supported by an efficient and low corporate
cost structure. Our goal is to offer investors an opportunity to
participate in the promise of the biotech industry in a profitable,
diversified and lower-risk business than a typical biotech company. Our
business model is based on doing what we do best: drug discovery,
early-stage drug development, product reformulation and partnering. We
partner with other pharmaceutical companies to leverage what they do
best (late-stage development, regulatory management and
commercialization) to ultimately generate our revenue. Ligand’s Captisol®
platform technology is a patent-protected, chemically modified
cyclodextrin with a structure designed to optimize the solubility and
stability of drugs. OmniAb® is a patent-protected transgenic
animal platform used in the discovery of fully human mono-and bispecific
therapeutic antibodies. Ligand has established multiple alliances,
licenses and other business relationships with the world's leading
pharmaceutical companies including Novartis, Amgen, Merck, Pfizer,
Celgene, Gilead, Janssen, Baxter International and Eli Lilly.
Follow Ligand on Twitter @Ligand_LGND.
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 include statements regarding Sermonix’s
planned development of lasofoxifene including the target indications.
Actual events or results may differ from our expectations. For example,
Sermonix may choose to abandon lasofoxifene or may choose a different
target indication; Sermonix’s clinical development plan may fail for a
variety of reasons beyond Ligand’s and Sermonix’s control including
increased costs or company priorities; and the safety, tolerability and
efficacy data from a new clinical trial or other study in lasofoxifene
may conflict with the results of prior clinical trials. 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 important risk factors affecting Ligand can be found in Ligand's
prior press releases available at www.ligand.com
as well as in Ligand's public periodic filings with the Securities and
Exchange Commission, available at www.sec.gov.
Ligand disclaims any intent or obligation to update these
forward-looking statements beyond the date of this press release, except
as required by law. This caution is made under the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170228006781/en/
Ligand Pharmaceuticals Incorporated
Todd Pettingill, 858-550-7500
investors@ligand.com
@Ligand_LGND
or
LHA
Bruce
Voss, 310-691-7100
bvoss@lhai.com
Source: Ligand Pharmaceuticals Incorporated
Released February 28, 2017