The milestone payment arises from a drug discovery alliance with GSK to focus on the discovery of small-molecule TPO mimetics. Under the terms of the collaboration, Ligand is eligible to receive an additional milestone payment of $2 million upon approval of Promacta by the FDA, as well as royalty payments on any future sales of the drug.
Promacta is an investigational, once-daily oral treatment that induces the proliferation and differentiation of cells in the bone marrow to produce platelets. If approved, Promacta would be the first oral platelet growth factor therapy for the short-term treatment of previously treated patients with chronic idiopathic thrombocytopenic purpura (ITP) to increase platelet counts and reduce or prevent bleeding.
John Higgins, president and CEO of Ligand, said: “This milestone reinforces our belief in Ligand’s science and technology that has yielded the first oral TPO receptor agonist.”