Ligand Pharmaceuticals receives $2 million in milestone payments from N. V. Organon

Ligand Pharmaceuticals IncorporatedNov 19 2009

Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announced today that it has received $2 million in milestone payments from N. V. Organon, a subsidiary of Merck & Co., Inc., stemming from its research collaboration that is due to expire at the end of December.

“We have had a long and productive drug discovery relationship with Organon and Schering-Plough (which acquired Organon in November 2007) over the years for a range of research programs,” said John L. Higgins, President and Chief Executive Officer of Ligand. “These activities reflect Ligand’s strong R&D engine and the potential of our partnership portfolio.”