Ligand receives $250,000 from Wyeth

The payment arises from an agreement between the two companies and reflects progress in the development of bazedoxifene, a selective estrogen receptor modulator. Bazedoxifene is a synthetic drug that was designed to reduce the risk of osteoporotic fractures while protecting breast and uterine tissues. Wyeth received an approvable letter from the FDA for the treatment of osteoporosis and submitted a second new drug application for bazedoxifene for the prevention of osteoporosis.

John Higgins, Ligand’s president and chief executive officer, said: “We are very pleased with the excellent progress Wyeth has made advancing bazedoxifene toward regulatory approval in both the US and Europe. The recent EMEA and FDA submissions illustrate the potential of our strategy to increase shareholder value by partnering with key pharmaceutical companies whose development capabilities capitalize on our strong drug discovery science.”