Ligand Earns $1 Million Upfront Payment from Pfizer

Ligand Pharmaceuticals Incorporated LGND announced today that its partner Pfizer, Inc. PFE has granted a sublicense to a multi-national pharmaceutical company for Tanaproget, also known as NSP-989. As a result, Ligand will receive an upfront payment of $1 million from Pfizer. Ligand is entitled to clinical and regulatory milestone payments from Pfizer as Tanaproget advances through the development process, as well as tiered royalties on net sales.