News...
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September 01, 1999 17:31
Ligand and Parke-Davis Enter into Research
Collaboration
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SAN DIEGO--(BW HealthWire)--Sept. 1, 1999--
Research Collaboration to Focus On Research and Development of Third Generation Selective
Estrogen Receptor Modulators (SERMs)
Ligand Pharmaceuticals Incorporated (Nasdaq:LGND) announced today the signing of a
Research, Development and License Agreement with Parke-Davis Pharmaceutical Research
Division of Warner-Lambert Company (NYSE:WLA). Ligand also announced Warner-Lambert's
purchase of $2.5 million of Ligand common stock.
The research and development collaboration will focus on the discovery, characterization,
design and development of small molecule compounds with beneficial effects for the treatment
and prevention of diseases mediated through the estrogen receptor. Some of the diseases
affected by drugs that act upon the estrogen receptor are osteoporosis, cardiovascular
disease, breast cancer, and mood and cognitive disorders.
Under the terms of the agreement, Ligand may receive up to $13 million in research funding to
September 2002 as well as undisclosed future product milestone payments and royalties.
Parke-Davis will fund the costs of developing and marketing compounds selected from the
collaboration and has been granted the worldwide rights to manufacture and sell any products
resulting from the collaboration. Ligand will be entitled to milestones at various stages of each
compound's development. Upon the marketing of a product, Parke-Davis will pay Ligand
royalties on net sales of each product on a product-by-product basis.
"The research collaboration with Parke-Davis will allow the accelerated development of third
generation, orally active, selective estrogen receptor modulators based on Ligand's estrogen
receptor technology," said Andres Negro-Vilar, M.D., Ph.D., Ligand Senior Vice President of
Research and Chief Scientific Officer. "We expect this collaboration to enhance Ligand's
leadership position in the estrogen receptor field, where Ligand's two other research
collaborations have produced four products currently in human clinical development.
"Ligand's estrogen receptor technology could have applications in a broad range of
therapeutic settings, including primary care markets such as hormone replacement therapy
and osteoporosis as well as the prevention and treatment of breast cancer, Alzheimer's
disease, and other neuro-degenerative disorders. The significant resources and
pharmaceutical expertise of Parke-Davis will allow the pursuit of the development of the
estrogen receptor technology in these large primary care markets."
Dr. Leonard Post, Vice President of Discovery Research at Parke-Davis commented on the
new research collaboration: "This research collaboration with Ligand strengthens markedly
our internal discovery efforts in new third generation selective estrogen receptor modulators
(SERMs) with applicability to a host of diseases with clear unmet medical need. This program
also complements our entry into female hormone replacement therapy with FemHRT, which is
currently awaiting FDA approval, as well as our currently marketed oral contraceptives."
Parke-Davis, a division of Warner-Lambert Company, is a research-based pharmaceutical
company that discovers, develops, manufactures and markets a broad range of innovative
prescription medicines.
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's first two drugs -- Panretin(R) gel and
ONTAK(R)-- were approved for marketing in the U.S. in early 1999 and are being marketed
through its specialty cancer and HIV-center sales force in the U.S. Four additional
oncology-related products are in late-stage development, including Targretin(R) capsules,
Targretin(R) gel, Panretin(R) capsules, and Morphelan(tm) (licensed from Elan). Ligand's
proprietary drug discovery and development programs are based on its leadership position in
gene transcription technology, primarily related to Intracellular Receptors (IR) and Signal
Transducers and Activators of Transcription (STATs).
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 outside of the control
of Ligand. There can be no assurance that (a) the collaborative arrangement will be
successful or continued, (b) Ligand will receive any further reimbursement amounts for the
prior development of its technology or any milestone payments for the discovery and/or
development of any compounds, (c) any compounds will be discovered and/or be deemed
appropriate for further testing, pre-clinical development or clinical development, (d) any
products under development by Ligand or any of its collaborative partners, including
Parke-Davis, will receive approval from the U.S. Food and Drug Administration or other
authorities to market any of these products; (e) if successfully developed and thereafter
approved, there will be a market for the drugs. Additional information concerning these factors
can be found in press releases as well as in Ligand's public periodic filings with the Securities
and Exchange Commission. Ligand undertakes no obligations to update the matters discussed
herein to reflect events after the date of this press release.
Note: Public information on Ligand Pharmaceuticals Incorporated, including our financial
statements and other filings with the Securities and Exchange Commission, our recent press
releases and the package inserts for products approved for sales and distribution in the
United States, is available at our website at ligand.com.
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.
Ligand Pharmaceuticals' releases are available on the World Wide Web at
www.businesswire.com/cnn/lgnd.htm.
CONTACT: Ligand Pharmaceuticals Incorporated
Paul V. Maier, 858/550-7573 |
