Ligand to Receive $2 Million Milestone Payment from Merck Triggered by Initiation
of Phase 2b/3 Trial of Dinaciclib
Previous 2012 Full Year Revenue Guidance Affirmed by Ligand
SAN DIEGO, Oct 22, 2012 (BUSINESS WIRE) -- Ligand Pharmaceuticals Incorporated
(LGND) today announced that it will receive a $2 million milestone payment from
Merck, known as MSD outside the United States and Canada, under the terms of a
development and license collaboration for the development of dinaciclib. This
milestone payment is triggered by the initiation of a Phase 2b/3 adaptive
clinical trial for dinaciclib for the treatment of patients with refractory
chronic lymphocytic leukemia (CLL).
"We are pleased with dinaciclib's progress for the treatment of refractory CLL,
as we feel it holds significant potential in oncology," commented John Higgins,
President and Chief Executive Officer of Ligand. "Today's announcement reinforces
the strength of Ligand's business model, which is focused on drug discovery with
a goal of entering high quality collaborations to advance candidates through
late-stage development."
Full Year 2012 Revenue Forecast
Affirming its previous revenue forecast, Ligand continues to expect full year
2012 total revenues to be approximately $30 million, with revenue in the third
quarter now projected to be approximately $6 million, versus earlier guidance of
approximately $8 million, and revenue in the fourth quarter now projected to be
approximately $13 million, versus earlier guidance of approximately $11 million.
About Dinaciclib and Refractory Chronic Lymphocytic Leukemia
Dinaciclib is a pro-apoptotic inhibitor of cyclin-dependent kinases being
evaluated by Merck in a Phase 2b/3 clinical trial for the potential treatment of
patients with refractory CLL. CLL is a slow-progressing disease, affecting the
blood and bone marrow, as well as the lymph nodes or other organs, and is the
most common type of leukemia affecting adults(1). Dinaciclib is derived from a
collaboration initiated in 1998 by Pharmacopeia (now a wholly owned subsidiary of
Ligand). More information about the trial can be found at
clinicaltrials.gov.
About Ligand Pharmaceuticals
Ligand is a biopharmaceutical company that develops and acquires assets it
believes will generate royalty revenues and, under its lean corporate cost
structure, produce sustainable profitability. Ligand has a diverse asset
portfolio addressing the unmet medical needs of patients for a broad spectrum of
diseases including thrombocytopenia, multiple myeloma, diabetes, hepatitis,
muscle wasting, dyslipidemia, anemia, and osteoporosis. Ligand's Captisol(R)
platform technology is a patent protected, chemically modified cyclodextrin with
a structure designed to optimize the solubility and stability of drugs. Ligand
has established multiple alliances with the world's leading pharmaceutical
companies including GlaxoSmithKline, Merck, Pfizer, Eli Lilly & Company, Baxter
International, Bristol-Myers Squibb, Celgene, Onyx Pharmaceuticals, Lundbeck
Inc., The Medicines Company, Curis, Inc. and Rib-X Pharmaceuticals. Please visit
captisol.com for more information on Captisol. For more information on
Ligand, please visit ligand.com.
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