Ligand Settles Rockefeller University Suit

Luke Timmerman2/12/09

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.

Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.