( BW)(CA-LIGAND-PHARM)(LGND) Ligand Pays Elan Milestone for Morphelan
Development Progress; Elan Completes Patient Enrollment for Phase III
Pivotal Studies in the U.S.
Business Editors/Health & Medical Writers Contact:
Paul V. Maier
SAN DIEGO--(BW HealthWire)--Dec. 8, 1999--Ligand Pharmaceuticals
Incorporated (Nasdaq:LGND) announced today that the Company will pay
Elan Corporation, plc (NYSE:ELN) $5 million in Ligand common stock
for the completion of patient enrollment in Phase III pivotal studies
in the U.S. for Morphelan(TM), a once-daily, sustained-release, solid
oral dosage form of morphine for pain in oncology and HIV patients.
Ligand will issue 498,443 shares at a price per share equal to $10.03,
the average closing price of Ligand common stock for the five trading
days immediately prior to the receipt of the notice from Elan of the
milestone accomplishment. With the issuance of these shares, Elan and
its affiliates will own approximately 5.7% of Ligand's common stock
(16.6% on a fully diluted basis).
In November 1998, Elan exclusively licensed to Ligand in the
United States and Canada its proprietary product Morphelan for pain in
oncology and HIV patients. For rights to Morphelan for the United
States and Canada, Ligand agreed to pay Elan certain up-front license
fees and milestones upon the occurrence of certain events. Payment of
the milestones may be in cash or in shares of Ligand common stock, at
Ligand's option. Ligand and Elan also granted each other certain
Morphelan commercial rights in the U.S., Canada and continental
Europe.
Ligand Chairman, President and CEO David E. Robinson said, "Our
prior acquisition of Morphelan rights in the U.S. and a co-promotion
option in Europe in oncology and HIV pain segments is a strong
strategic fit, further expanding and diversifying our product pipeline
and financially leveraging further sales on our commercial structure
in the U.S. and Europe. We are pleased with Elan's progress in the
development of Morphelan and look forward to reviewing the final data
in the New Drug Application expected to be filed in the U.S. in the
next several months. We have initiated our market planning towards an
expected 2001 product launch in the U.S."
Ligand Pharmaceuticals Incorporated
Ligand Pharmaceuticals Incorporated discovers, develops and
markets new drugs that address critical unmet medical needs of
patients in the areas of cancer, skin diseases, and men's and women's
hormone-related diseases, as well as osteoporosis, metabolic disorders
and cardiovascular and inflammatory diseases. Ligand's first two drugs
-- Panretin(R) gel and ONTAK(R) -- were approved for marketing in the
U.S. in early 1999 and are being marketed through its specialty cancer
and HIV-center sales force in the U.S. Four additional
oncology-related products are in late-stage development, including
Targretin(R) capsules, Targretin(R) gel, Panretin(R) capsules, and
Morphelan(TM) (licensed from Elan). Ligand's proprietary drug
discovery and development programs are based on its leadership
position in gene transcription technology, primarily related to
Intracellular Receptors (IR) and Signal Transducers and Activators of
Transcription (STATs).
Except for the historical information contained herein, this news
release may contain certain forward looking statements by Ligand and
actual results could differ materially from those described as a
result of factors including, but not limited to the following. There
can be no assurance that Morphelan or any of Ligand's products
currently under development will be successfully developed and
subsequently approved by the FDA, and if approved there will be a
market for Morphelan or such other products. Additional information
concerning these and other factors affecting Ligand's business can be
found in press releases as well as in Ligand's public periodic filings
with the Securities and Exchange Commission, which are available via
our web site at ligand.com. Ligand disclaims any intent or
obligation to update these forward-looking statements beyond the date
of this release.
Panretin(R) and Targretin(R) are registered trademarks of Ligand
Pharmaceuticals Incorporated, and ONTAK(R) is a registered trademark
of Seragen, Inc., a wholly owned subsidiary of Ligand. Morphelan is a
trademark of Elan Corporation plc. |
