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Ligand Settles Rockefeller University Suit

Ligand Pharmaceuticals, the San Diego-based drug developer, said today it has agreed to settle a legal dispute with The Rockefeller University over rights to eltrombopag (Promacta), a drug for a rare bleeding disorder called ITP. Ligand (NASDAQ: LGND) will pay $5 million once the settlement is signed, another $2 million over the next two years, plus a royalty on sales that Ligand gets from its partner, GlaxoSmithKline.