Friday, July 01, 2016
Ligand Pharmaceuticals Incorporated announces that two recent events relating to its OmniAb platform generated $4 million in combined payments due to Ligand. One event relates to a current OmniAb licensee exercising its option to expand access to the OmniAb platform and the second event relates to Wuxi sub-licensing Chinese rights to an IND-ready antibody it discovered with the OmniAb platform.
In exercising its option, an OmniAb licensee broadened its access to the OmniAb platform by adding OmniFlic®, a transgenic rat technology with a fixed light chain used to generate bispecific antibodies. Prior to the option exercise, this licensee’s access to the OmniAb technology was limited to OmniRat®. The option exercise triggered a payment to Ligand. Additionally, any approved antibody therapeutics generated utilizing OmniFlic will be subject to milestones and royalties to Ligand.
Under the existing license agreement with Wuxi, antibodies developed using the OmniAb platform and subsequently out-licensed for use in China trigger a payment to Ligand, in addition to potential royalties on product sales. Wuxi recently out-licensed the Chinese rights to an undisclosed IND-ready antibody it discovered with the OmniAb platform and its sub-licensee will be responsible for all future costs related to the program.
“These recent events show the meaningful progress with two of our OmniAb partnerships, and illustrate the focus and ongoing efforts by OmniAb partners to advance their OmniAb pipelines,” said John Higgins, Chief Executive Officer of Ligand. “These transactions also demonstrate the potential for cash flows available to Ligand during the product development period, driving near-term financial benefit from the OMT acquisition.”
Including these payments, Ligand anticipates total revenue for the second quarter of 2016 to be approximately $19 million.
Source : finance.yahoo.com
