Ligand enters global license deal for women's health product

Ligand Pharmaceuticals (Nasdaq: LGND) announces the signing of a global license agreement with recently-formed US biotech firm Azure Biotech for the development of a novel formulation of lasofoxifene targeting an undisclosed and underserved market in women's health.

Under the terms of the agreement, Ligand is entitled to receive $2.7 million in potential development and regulatory milestones and a 5% royalty on future net sales. Also under this agreement, Ligand retains rights to the oral formulation originally developed by Pfizer under the trade name Fablyn, and has been approved in Europe for osteoporosis in women with increased risk of fracture.

Pfizer rights returned in 2011