Ligand out-licenses lasofoxifene to Sermonix

USA-based drugmaker Ligand Pharmaceuticals (Nasdaq: LGND) has signed a license agreement with privately-held Sermonix Pharmaceuticals for the development and commercialization of oral lasofoxifene in the USA 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 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.

The drug is a selective estrogen receptor modulator (SERM) that was approved in the European Union in 2009 for the treatment of osteoporosis in post-menopausal women at increased risk of fracture. It is not yet approved in the USA.