Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announced today that its research collaboration with Pfizer for JAK3 has been extended by one year. The Research and License Agreement entered into in December 2006 with Wyeth provided for an initial three year research term. Under this extension, Ligand will receive $3.1 million in research payments to continue conducting drug discovery and lead candidate optimization. Under the original agreement, Ligand is entitled to receive up to $175 million in milestone payments for the successful development and commercialization of multiple products. In addition, Ligand will receive royalties on product sales.
“We are very pleased to learn that Pfizer has elected to extend the JAK3 research collaboration with Ligand,” said John L. Higgins, President and Chief Executive Officer of Ligand. “We view JAK3 inhibitors as a very promising market opportunity, and given Pfizer's clinical success with its own internal program we are convinced that they are highly committed to this category. Ligand has an exceptional record of drug discovery while serving major pharmaceutical companies in a number of research collaborations. We are pleased with the team’s progress and look forward to continued success as we drive the program forward for Pfizer.”
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