Ligand signs dyslipidemia related diseases accord with AstraZeneca unit

US drugmaker Ligand Pharmaceuticals (Nasdaq: LGND) has entered into a licensing agreement and research collaboration with Anglo-Swedish pharma major AstraZeneca’s (LSE: AZN) subsidiary Omthera Pharmaceuticals for the development of products to treat dyslipidemia, including hypertriglyceridemia.

Under the terms of the deal, Ligand will be eligible to receive up to $44.5 million on the achievement of specific milestones, as well as tiered royalties ranging from mid to high single digits of net sales. Omthera is solely responsible for all research and clinical development costs as well as commercialization of any product(s) derived from this collaboration. Ligand’s shares dipped 2.9% to $62.15 in early trading following release of the news.

The research collaboration will target the development of novel products that utilize the proprietary Ligand-developed LTP TECHNOLOGY to improve lipid-lowering activity of certain omega-3 fatty acids.