SAN DIEGO (AP) – Ligand Pharmaceuticals Inc. said it will receive a $1 million payment from Pfizer Inc. as part of a partnership for the potential contraceptive Tanaproget.
Pfizer granted a sublicense on the potential product to a multinational pharmaceutical company, prompting the payment. Ligand did not disclose the name of the company.
Ligand is entitled to additional payments based on clinical and regulatory milestones, along with royalties on future sales.
Date: December 22, 2010
Source: Associated Press
