San Diego-based Ligand Pharmaceuticals (Nasdaq: LGND) has signed a licensing agreement and research collaboration with Omthera Pharmaceuticals, a wholly-owned subsidiary of AstraZeneca (NYSE: AZN), for the development of products to treat dyslipidemia, a high concentration of cholestorol, fat or other lipids in the blood.
Under the terms of the agreement, Ligand will be eligible to receive payments of up to $44.5 million upon the achievement of specific milestones, as well as tiered royalties ranging from mid to high single digits of net sales.
The research agreement will aim at developing products using Ligand's LTP Technology to improve lipid-lowering activity of certain omega-3 fatty acids.
Omthera is solely responsible for all research and clinical development costs as well as commercialization of any products derived from the agreement.
11119 N. Torrey Pines Rd. Ste., 200
La Jolla, CA 92037