Here's today's WSJ Health Brief:
The Wall Street Journal -- October 21, 1997
Health Brief -- LIGAND PHARMACEUTICALS INC.:
Drug-Development Accord
Is Set With Eli Lilly & Co.
Ligand Pharmaceuticals Inc., San Diego, agreed to a drug-development
collaboration with Eli Lilly & Co. that has a potential value of about $200
million to Ligand over eight years, Ligand said. The proposed pact covers
Ligand's intra-cellulor receptor technology with possible product applications
across many metabolic diseases, including diabetes, obesity, and
cardiovascular diseases associated with insulin resistance and obesity. As part
of the agreement, Lilly will pay $37.5 million, or $17.23 a share, to acquire a
4.7% Ligand stake. In Nasdaq Stock Market trading yesterday, Ligand
shares rose 43.75 cents to $16.50. Ligand also said it would receive up to
$49 million in research funds over five years, $12.5 million in upfront milestone
fees and up to $75 million in additional payments over eight years assuming
successful development of six compounds. |
