Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announced today that it has transferred exclusive license rights to Proximagen Limited (AIM: PRX) for a series of compound hits related to the CXCR4 target with application for a number of indications including those related to the central nervous system. Ligand will receive an upfront payment and continue to be entitled to receive potential future milestone and royalty payments.
“This agreement with Proximagen partially monetizes a program acquired in our 2008 acquisition of Pharmacopeia, and restarts another research collaboration with significant commercial potential in Ligand's portfolio of fully funded and royalty-bearing programs”
"This agreement with Proximagen partially monetizes a program acquired in our 2008 acquisition of Pharmacopeia, and restarts another research collaboration with significant commercial potential in Ligand's portfolio of fully funded and royalty-bearing programs," said John L. Higgins, President and Chief Executive Officer of Ligand Pharmaceuticals.
The transfer of exclusive rights was made under a novation agreement that stems from a 2004 drug discovery alliance between Pharmacopeia and Swedish Orphan Biovitrum AB (formerly known as Biovitrum AB), whereby Pharmacopeia's compound library was accessed to identify and optimize leads. By virtue of the novation agreement, Proximagen becomes a party to the 2004 agreement in place of Swedish Orphan Biovitrum AB with respect to the CXCR4 compounds.
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