Ligand Signs Research, Licensing Agreement With AstraZeneca's Unit

(RTTNews) - Ligand Pharmaceuticals Inc. (LGND) Wednesday said it has signed a research and licensing agreement with AstraZeneca plc's (AZN) unit Omthera Pharmaceuticals, Inc. to develop products for treatment of dyslipidemia - a condition resulting from abnormal amount of lipids in the blood, as well as hypertriglyceridemia that has been linked with higher risk of cardiovascular diseases, and pancreatitis.

The collaboration will focus on developing novel products that deploy Ligand-developed LTP Technology to improve lipid-lowering activity of certain omega-3 fatty acids.

The agreement makes Ligand eligible to receive payments of up to $44.5 million upon the achievement of specific milestones, in addition to tiered royalties ranging from mid to high single digits of net sales. Omthera will bear the the research and development costs and will be responsible for commercialization of any product born out of this collaboration.