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news.Ligand Pharmaceuticals has purchased from the Genaera Liquidating Trust certain intellectual property and interests in future milestones and royalties for MEDI-528, an under development by AstraZeneca's subsidiary, MedImmune. MEDI-528 is currently in a 320-patient Phase II study for moderate-to-severe asthma.
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MEDI-528 is a humanized antibody targeting IL-9, which is a member of a family of inflammatory signaling molecules known as interleukins. Several of these interleukin molecules, including IL-9, are thought to play an important role in the pathogenesis of asthma.
Ligand paid $2.75m to the Genaera Liquidating Trust in connection with the purchase. The opportunity arose from initial diligence and work conducted by Biotechnology Value Fund (BVF).
As part of the transaction and a result of BVF’s contributions, Ligand entered into a separate agreement with BVF and certain of its affiliates, whereby BVF and Ligand will share the purchase price and any proceeds from the deal equally. Accordingly, BVF has paid Ligand $1.375mn.
John Higgins, president and CEO of Ligand Pharmaceuticals, said: “We believe the IL-9 antibody program could provide a significant revenue stream, if MedImmune’s development and commercialization efforts are successful, as it is potentially a blockbuster drug being developed by a premier pharmaceutical company.
“This unique transaction is in alignment with Ligand’s business model in that it adds another possible lucrative royalty stream from what we believe is a high-quality asset. Ligand is committed to constantly exploring and executing business arrangements that deliver long-term value to our shareholders. We are pleased BVF chose to partner with Ligand and recognized the value we added to the transaction.”