Stan, I just realized that this might help some readers understand the relationship between ALRI, AGN, & LGND:
Wednesday May 21 3:29 PM EDT
Company Press Release
ALLERGAN RECOGNIZED FOR CREATIVE
FINANCING OF ALLERGAN LIGAND RETINOID
THERAPEUTICS, INC.
IRVINE, Calif.--(BUSINESS WIRE)--May 21, 1997--Allergan, Inc. (NYSE:AGN) today
announced that the company received recognition for its role in the creative financing developed to
form Allergan Ligand Retinoid Therapeutics, Inc., (ALRT) when ALRT was honored as the
``Breakthrough Biotechnology Alliance-Pharma Category'' at the Allicense '97 conference held in
San Francisco, California, April 23-24. ALRT is the public company formed by Allergan, Inc. and
Ligand Pharmaceuticals Incorporated in June 1995 to accelerate research and development of
receptor selective retinoids.
The conference, co-sponsored by Recombinant Capital and Wilson Sonsini Goodrich & Rosati,
examined the benefit of interdependence and innovation between research centers, biotechnology
start-ups, integrated biopharmaceutical firms and established pharmaceutical companies in the
laboratory and commercial development of drugs. The award, which was voted on by business
development and licensing executives from 30 major pharmaceutical companies, recognizes the skill
and accomplishments of the many professionals engaged in pharmaceutical and biotechnology
alliance negotiations.
ALRT is the second phase of a joint venture partnership between Allergan and Ligand, which began
in June 1992. ALRT was funded in part by a rights offering to both parties' shareholders. Of $100
million in total cash contributions to ALRT, $32.5 million was raised directly from investors through
the rights offering vehicle. This alliance and the rights offering marks the first instance of a joint
fundraising by a pharmaceutical and biotech company for use in a corporate alliance.
``ALRT represents a creative way to deal with the earnings reporting pressures many companies or
biotechs face in funding R&D activities to advance the development of technology and improve the
new products pipeline,'' says George Lasezkay, Allergan's vice president of Corporate
Development. ``In the case of ALRT, the result has been the successful acceleration of receptor
selective retinoid research, which benefits Allergan, Ligand, and ALRT shareholders, and eventually
and most importantly, patients.''
Among the technologies in the ALRT pipeline is Panretin(TM) (ALRT1057), a panagonist, which is
being studied as both an oral and topical agent. The oral formulation is in Phase III studies for acute
promyelocytic leukemia and in Phase II studies for a variety of cancers, including non-Hodgkin's
lymphoma, multiple myeloma, prostate, ovarian, Kaposi's sarcoma (KS) and myelodysplastic
syndrome. The oral formulation also is being studied in psoriasis and proliferative vitreoretinopathy.
A topical gel formulation of Panretin(TM) (ALRT1057) is in U.S. and European Phase III studies
for the treatment of cutaneous Kaposi's sarcoma (KS) and a New Drug Application (NDA) will
most likely be filed by the end of 1997. Allergan and Ligand each have the right to acquire an
undivided one-half interest in all ALRT assets for a predetermined price.
Allergan Ligand Retinoid Therapeutics, Inc. was formed in June 1995 to accelerate the work of the
joint venture between Allergan, Inc. and Ligand Pharmaceuticals Incorporated and to discover and
develop drugs based on retinoids. Retinoids have a broad range of biological actions, and evidence
suggests that retinoids may be useful in the treatment of a variety of cancers, including kidney cancer,
certain forms of leukemia and other cancers, as well as metabolic, skin and eye diseases.
Panretin(TM) is a proprietary product of ALRT.
Allergan, Inc., headquartered in Irvine, California, is a technology-driven, global health care
company, focused on specialty pharmaceutical products for specific disease areas that deliver value
to customers, satisfy unmet medical needs and improve patients' lives.
More news for referenced ticker symbols: AGN, and related industries: biotechnology, medical.
Additional quotes and news: LGND (news). |
