Ligand Enters Into Global Licensing Agreement With Chiva Pharmaceuticals for Fablyn®

Ligand Pharmaceuticals Incorporated LGND announced today that it has entered into a global licensing agreement with Chiva Pharmaceuticals, Inc. for Fablyn (lasofoxifene), a selective estrogen receptor modulator that was approved in the EU in 2009 for the treatment of osteoporosis in post-menopausal women at increased risk of fracture. In return for the license, Ligand will receive $4 million in licensing payments over the next eight months and is also eligible to receive milestones and royalties on worldwide sales of Fablyn. Fablyn was discovered through a research collaboration between Ligand and Pfizer that began in 1991. The drug was fully developed by Pfizer through regulatory approval in the EU. After Pfizer acquired a similar SERM program, Conbriza (bazedoxifene), from its acquisition of Wyeth, Fablyn reverted to Ligand earlier this year. “The licensing of Fablyn is another transaction demonstrating the strength of the Ligand business model,” said John Higgins, President and Chief Executive Officer of Ligand Pharmaceuticals. “Ligand's network of worldwide partnerships enables us to quickly move into discussions when a business development opportunity such as Fablyn arises."