Women's Health Weekly
Welcome to NewsRx!
Learn more about a six-week, no-risk free trial of Women's Health Weekly
We're a pay-per-view site for premium content. If you'd like to purchase this article, it's only $3.00.
Business Update
Pharmaceuticals company exercises option to buy down ONTAK royalties to Lilly
May 12th, 2005
Ligand Pharmaceuticals Incorporated (LGNDE) announced it has exercised the final option under its November, 2004, agreement with Eli Lilly and Company (LLY) to buy down a further portion of the royalties payable to Lilly on sales of Ligand's marketed cancer drug ONTAK (denileukin diftitox) in the United States. Ligand will make a one-time cash payment of $13 million to Lilly in exchange for elimination of the ONTAK royalties due to Lilly on net sales in the U.S. in 2006, and a reduced, reverse-tiered royalty scale on net sales in the U.S. thereafter. In January, 2005, Ligand exercised the first option which provided for a one-time payment of $20...
Source: Women's Health Weekly (2005-05-12)
|
