(BSNS WIRE) Ligand Pays Elan Milestone for Morphelan--TM-- NDA Submission
Ligand Pays Elan Milestone for Morphelan--TM-- NDA Submission
Business Editors and Health/Medical Writers
BIOWIRE2K
SAN DIEGO--(BW HealthWire)--June 8, 2000--Ligand Pharmaceuticals
Incorporated (Nasdaq:LGND) announced today that it will issue to Elan
Corporation, plc (NYSE:ELN) 367,183 shares of Ligand common stock
in connection with Elan's submission of a new drug application (NDA)
to the U.S. Food and Drug Administration (FDA) for Morphelan(TM) Rapid
Onset Extended Release (ROER(TM)) capsules, a once-daily,
modified-release, oral dosage form of morphine for the management of
pain in oncology and HIV-positive patients. The shares are to be
issued at a price per share equal to $10.89, the average closing price
of Ligand common stock for the five trading days immediately prior to
the milestone accomplishment, for a total of $4 million of value. With
the issuance of these shares, Elan and its affiliates will own
approximately 12.5% of Ligand's outstanding common stock (17.6% on a
fully diluted basis).
In November 1998, Elan licensed exclusively to Ligand in the
United States and Canada its proprietary product Morphelan for the
management of pain in oncology and HIV patients, for which rights
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
1998 acquisition of rights in the U.S. to Morphelan, a true once-a-day
oral morphine for the management of pain in oncology and HIV-positive
patients, is an excellent strategic fit for Ligand. It further expands
and diversifies our oncology product pipeline and financially
leverages further sales on our commercial structure in the U.S. We are
pleased with Elan's progress in the development of Morphelan and look
forward to a successful dialogue by Elan with the FDA. We have
accelerated our market planning towards an expected 2001 approval and
product launch in the U.S., in what we expect will be our largest and
fastest growing market to date."
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 had three drugs
approved during 1999 for marketing in the U.S. -- Targretin(R)
(hexarotene) capsules, ONTAK(R) (denileukin diftitox) and Panretin(R)
(alitretinoin) gel -- that are being marketed through its specialty
cancer and dermatology-focused sales force. Targretin gel and
Morphelan(TM) (licensed from Elan) are currently under review by the
U.S. Food and Drug Administration. Ligand's proprietary drug discovery
and development programs are based on its leadership position in gene
transcription technology, primarily related to Intracellular Receptors
(IRs) 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, available via our website
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(TM)
is a trademark of Elan Corporation plc. Full prescribing information
for our marketed products may be obtained from Ligand Professional
Services by calling toll-free 1-800-964-5836.
Ligand Pharmaceuticals' releases are available on the World Wide
Web at www.businesswire.com/cnn/lgnd.htm.
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CONTACT: Ligand Pharmaceuticals Incorporated
Paul V. Maier, 858/550-7573
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: BIOTECHNOLOGY PHARMACEUTICAL MEDICAL PRODUCT
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