Ligand Acquires Interest in AZ Asthma Program

Ligand Pharmaceuticals has purchased certain intellectual property and interests in future milestones and royalties for MEDI-528, an IL-9 antibody program under development by MedImmune, an AstraZeneca subsidiary. MEDI-528 is currently in a Phase II study for moderate-to-severe asthma.

Ligand paid $2.8 million to the Genaera Liquidating Trust in connection with the purchase. As part of this transaction, Ligand entered into a separate agreement with Biotechnology Value Fund, L.P. (BVF), whereby BVF and Ligand will share the purchase price and any proceeds from the agreement equally.

“We believe the IL-9 antibody program could provide a significant revenue stream, if MedImmune’s development and commercialization efforts are successful, as it is potentially a blockbuster drug being developed by a premier pharmaceutical company,” said John L. Higgins, president and chief executive officer of Ligand. “This unique transaction is in alignment with Ligand’s business model in that it adds another possible lucrative royalty stream from what we believe is a high-quality asset.”