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Ligand Signs License Agreement with Sermonix

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Ligand Pharmaceuticals Incorporated has announced the signing of a license agreement with Sermonix Pharmaceuticals LLC for the development and commercialization of oral lasofoxifene in the United States and additional territories.

Under the terms of the agreement, Ligand has received an undisclosed initial payment, and is entitled to receive up to $45 million in potential regulatory and commercial milestone payments and tiered royalties of 6% to 10% on future net sales. Lasofoxifene is an estrogen partial agonist for the treatment of osteoporosis and other diseases.

“Lasofoxifene has a promising profile and a large clinical dataset, and we are excited to see development of the oral form move forward in additional territories,” commented John Higgins, Chief Executive Officer of Ligand.

Higgins continued, “Sermonix is highly familiar with lasofoxifene and is well-positioned to advance its development, and we look forward to their progress with this important program. This transaction represents yet another partnership for lasofoxifene as we continue to build on our portfolio of more than 100 shots-on-goal.”

Based on the lasofoxifene safety and efficacy data from clinical trials in more than 15,000 women, Sermonix plans to seek regulatory approvals in several women’s health indications.

“Sermonix is excited to partner with Ligand on lasofoxifene, a best-in-class selective estrogen receptor modulator, or SERM, and to seek regulatory approval of this remarkable drug,” stated David Portman, M.D., Chief Executive Officer of Sermonix.

Portman continued, “The robust clinical development program to date has demonstrated efficacy for many common conditions greatly impacting women’s health in mid-life, with targeted beneficial effects on the vagina, bone and breast. With several SERMs approved in the last two years, lasofoxifene is well-positioned to offer women a tremendous and much-needed alternative to hormone therapy to improve their overall menopausal health.”