Ligand Inks CNS License Agreement With Seelos Therapeutics
Zacks Investment Research | Sep 22, 2016 10:03PM ET
Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) announced that it has granted licensing rights to four of its pipeline programs to Seelos Therapeutics, Inc., a New York-based private biopharmaceutical company.
The four programs target various central nervous system (CNS), respiratory, and pain and fever-related disorders.
The four therapeutic programs covered under the agreement include aplindore for CNS disorders, CRTH2 antagonist for respiratory disorders, acetaminophen for pain and fever-related disorders, and H3 receptor antagonist for narcolepsy. The most important candidate acquired through the latest deal is SLS-006, a phase III ready and clinically validated partial dopamine agonist for the treatment of Parkinson's disease. This would enable the company to cater to approximately 1.5 million Parkinson's disease patients in the developed countries.
Pursuant to the agreement, Ligand will receive initial payments of $1.3 million in the form of equity or cash, contingent upon a minimum financing of $7.5 million by Seelos. Ligand is entitled to receive an additional $3.5 million if Seelos becomes a public company, along with cash milestones of up to $145 million. Seelos is responsible for all development activities under the license.
Moreover, in terms of royalties, Ligand will receive 4% to 10% royalties on net sales for the licensed programs.
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