H, here are PR details.
Monday April 27, 9:02 am Eastern Time
Company Press Release
SOURCE: Ligand Pharmaceuticals Incorporated
SmithKline Beecham and Ligand Receive Regulatory Clearance to Add Leptin-Obesity Research to Existing Collaboration
SAN DIEGO, April 27 /PRNewswire/ -- Ligand Pharmaceuticals Incorporated (Nasdaq: LGND - news) has announced regulatory approval of a new collaboration with SmithKline Beecham plc. (NYSE: SBH - news) originally announced March 18 to develop small molecule drugs that modulate the signaling pathway controlled by leptin as a means of discovering orally available drugs for treatment or prevention of obesity. The new collaboration, which was completed April 24, follows an expansion last year of the existing hematopoietic growth factor alliance with its U.S. affiliate of SmithKline Beecham Corporation (SB).
As part of the leptin-obesity collaboration, SB has purchased 274,423 shares of Ligand Common Stock for $5.0 million ($18.22 per share, a 20 percent premium over a 15-day trading average of the stock prior to execution of the agreement) and has also purchased for $1 million a warrant to purchase 150,000 shares of Ligand Common Stock at $20 per share. The warrant expires in five years, and Ligand may require SB to exercise the warrant under certain circumstances after three years. SB will also purchase additional Ligand Common Stock at a 20 percent premium if a research milestone is achieved. The agreement also provides for cash payments if subsequent milestones are met.
Under the new agreement, SB will obtain exclusive worldwide rights to products resulting from the obesity collaboration and has agreed to make milestone payments to Ligand as compounds progress through preclinical and clinical development, and royalty payments on sales, if products result from the research.
SmithKline Beecham -- one of the world's leading healthcare companies -- discovers, develops, manufactures, and markets pharmaceuticals, vaccines, over-the-counter medicines, and health-related consumer products, and provides healthcare services including clinical laboratory testing, disease management, and pharmaceutical benefit management. For company information, visit SmithKline Beecham on the World Wide Web at sb.com.
Since 1989, Ligand Pharmaceuticals Incorporated has established a leadership position in gene transcription technology, particularly intracellular receptor (IR) technology and STATs technology. Ligand has applied IR and STATs technology to the discovery and development of small molecule drugs to enhance therapeutic and safety profiles and to address major unmet patient needs in cancer, women's and men's health, skin diseases, osteoporosis, cardiovascular and inflammatory disease.
This press release may contain certain forward looking statements by Ligand and actual results could differ materially from those described as a result of numerous factors including, but not limited to, the following. There can be no assurance: (a) the collaborative arrangement will be successful or continued; (b) that any products under development by Ligand or SmithKline Beecham will receive approval from the U.S. Food and Drug Administration or other authorities to market any of these products; (c) human clinical trials will result from the compound discovery activities of collaborative efforts discussed herein; (d) that, if successfully developed and thereafter approved, there will be a market for the drugs; (e) that preclinical results will be predictive of any clinical results. Ligand and SmithKline Beecham undertake no obligations to update the matters discussed herein to reflect events after the date of this press release.
SOURCE: Ligand Pharmaceuticals Incorporated |
