LGND Ligand Pharmaceuticals Incorporated

111.64
-0.27  -0%
Previous Close 111.91
Open 113.64
52 Week Low 57.24
52 Week High 124.965
Market Cap $1,791,788,843
Shares 16,049,703
Float 14,582,079
Enterprise Value $1,479,578,262
Volume 351,007
Av. Daily Volume 365,300
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Upcoming Catalysts

Drug Stage Catalyst Date
KYPROLIS (ARROW)
Multiple Myeloma
Approved
Approved
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Ganaxolone - Marigold
CDKL5 Deficiency Disorder (CDD)
Phase 3
Phase 3
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Sparsentan - DUPLEX
Focal segmental glomerulosclerosis (FSGS)
Phase 3
Phase 3
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SB206
Molluscum
Phase 3
Phase 3
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Sparsentan
IgA nephropathy
Phase 3
Phase 3
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Drug Pipeline

Drug Stage Notes
Ganaxolone
Refractory status epilepticus (RSE)
Phase 2
Phase 2
Phase 3 trial to be initiated 3Q 2020.
Ganaxolone - Magnolia
Postpartum depression
Phase 2
Phase 2
Phase 2 negative data released July 23, 2019.
VK2809 VOYAGE
Non-alcoholic steatohepatitis (NASH) and fibrosis
Phase 2b
Phase 2b
Phase 2b trial ongoing.
Ensifentrine (RPL554) and tiotropium
Chronic obstructive pulmonary disease (COPD)
Phase 2b
Phase 2b
Phase 3 trial to be initiated 2020.
Ensifentrine (RPL554) - Metered Dose Inhaler
Maintenance treatment of COPD
Phase 2
Phase 2
Phase 2 MDI single dose data showed a statistically significant increase in lung function. Initiation of multiple dose part of pMDI trial postponed due to the COVID-19 situation.
APVO436
Acute myeloid leukemia (AML)
Phase 1
Phase 1
Phase 1 trial ongoing.
RPL554 DPI formulation
Maintenance treatment of COPD
Phase 2
Phase 2
Phase 2 data met primary endpoint - August 5, 2019.
CS1001
Gastric adenocarcinoma or gastro-esophageal junction adenocarcinoma.
Phase 3
Phase 3
Phase 3 trial has been initiated by partner CStone Pharmaceuticals.
Captisol-enabled (CE) Iohexol program
Contrast-induced Nephropathy
Phase 1
Phase 1
Phase 1 top-line data met primary endpoint - July 10, 2019.
VK5211
Acute Hip Fracture
Phase 2
Phase 2
Phase 2 trial met endpoints - November 28, 2017. Data at ASBMR September 30, 2018.
Brexanolone - SAGE-547 (202C)
Postpartum Depression - moderate
Approved
Approved
FDA approval announced March 19, 2018.
KYPROLIS (ASPIRE)
Relapsed Multiple Myeloma
Approved
Approved
sNDA approval announced June 11, 2018.
KYPROLIS (ENDEAVOR)
Relapsed Multiple Myeloma
Approved
Approved
sNDA approved January 17, 2018.
RPL554
Cystic fibrosis
Phase 2a
Phase 2a
Phase 2a data released March 2, 2018.
Ganaxolone
Fragile X Syndrome
Phase 2
Phase 2
Phase 2 data released June 2016. Primary endpoint not met but intends to advance development

Latest News

  1. IPA Announces Discovery of Functional Antibodies from Humans and Llama (VHH), Identified Using IPA Phage Display Technology

    VICTORIA, BC, June 29, 2020 /PRNewswire/ - IMMUNOPRECISE ANTIBODIES LTD. (the "Company" or "IPA") (TSXV:IPA) (OTCQB:IPATF) (FSE: TQB2), an experienced leader in full-service, therapeutic antibody discovery and development, today announced the identification of numerous lead candidate antibodies with highly-potent neutralizing activity in vitro, which are being manufactured for further testing and possible inclusion in the Company's PolyTopeTM mAb Therapy to combat the COVID-19 pandemic.

    On March 12th, 2020, ImmunoPrecise announced several preclinical programs currently being undertaken to assist in the efforts against…

    IPA Announces Discovery of Functional Antibodies from Humans and Llama (VHH), Identified Using IPA Phage Display Technology

    VICTORIA, BC, June 29, 2020 /PRNewswire/ - IMMUNOPRECISE ANTIBODIES LTD. (the "Company" or "IPA") (TSXV:IPA) (OTCQB:IPATF) (FSE: TQB2), an experienced leader in full-service, therapeutic antibody discovery and development, today announced the identification of numerous lead candidate antibodies with highly-potent neutralizing activity in vitro, which are being manufactured for further testing and possible inclusion in the Company's PolyTopeTM mAb Therapy to combat the COVID-19 pandemic.

    On March 12th, 2020, ImmunoPrecise announced several preclinical programs currently being undertaken to assist in the efforts against SARS-CoV-2. Today's announcement updates the Company's progress on the development of a PolyTope™ mAb therapy designed to treat severely ill patients, as well as protect high-risk individuals such as those exposed to the virus, front-line workers, the elderly, and the immunocompromised.

    ImmunoPrecise deployed several proprietary discovery platforms that leveraged the immune systems of humans, llama, rabbits and Ligand Pharmaceutical's (NASDAQ:LGND) OmniAbÒ genetically engineered rats producing human antibodies. The neutralizing antibodies announced today are the result of functional screenings from the top 300 lead antibodies analyzed from the human and llama campaigns. The Company has stated that functional analysis of the remaining 1,300 lead antibodies from the rabbit and OmniAbÒ rat campaigns were performed independently, and they anticipate the release of the preliminary functional data screens from these additional programs in the near future.  

    "Arriving at this critical point in our preliminary research with many lead, functional therapeutic candidates is indicative of the broad scientific scope of IPA's anti-COVID-19 programs," stated Dr. Jennifer Bath, CEO and President of IPA. "An effective cocktail therapy for COVID-19, targeting multiple epitopes on the virus, could prove fundamental in combating this pandemic in an effective and enduring way."

    The Company's scientific approach has led to a diverse set of lead antibody candidates, and thus far has generated many potently neutralizing antibodies to multiple epitopes, supporting the Company's aim of generating a therapeutic that retains efficacy, even as SARS-CoV-2 continues to evolve. To further support the Company's robust scientific approach, IPA is preparing to test these lead antibodies against additional, documented, mutated strains of the virus.

    The Company anticipates pre-clinical studies will begin summer 2020.

    Jennifer Bath, Ph.D., Chief Executive Officer of ImmunoPrecise, has reviewed and approved the scientific disclosure of this news release.

    The use of therapeutics for humans in clinical trials will require approval of the applicable government regulation agency, e.g. The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain COVID-19 (or SARS-CoV-2) at this time.

    About ImmunoPrecise Antibodies Ltd.

    ImmunoPrecise is a full-service, therapeutic antibody discovery Contract Research Organization offering species agnostic, multi-format, characterized and engineered, human monoclonal antibodies, on an abbreviated timeframe, for its pharmaceutical clients. For further information, visit www.immunoprecise.com or contact .

    Forward Looking Information

    This news release contains statements that, to the extent they are not recitations of historical fact, may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. The Company uses words such as "may", "would", "could", "will", "likely", "expect", "believe", "intend" and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by ImmunoPrecise in light of its experience and its perception of historical trends, current conditions and expected future developments. However, whether actual results and developments will conform to ImmunoPrecise's expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause ImmunoPrecise's actual results to differ materially from those expressed or implied by the forward-looking statements contained in this news release. Such factors include, among other things, ImmunoPrecise may not be successful in the development of any vaccine, therapy or diagnostic kits to be used in the prevention, treatment or diagnosis of SARS-CoV-2, actual revenues and earnings for IPA being lower than anticipated, potential adverse impacts due to the global COVID-19 pandemic such as delays in regulatory review, manufacturing and clinical trials, supply chain interruptions and disruption of the global economy, and those risks and uncertainties described in ImmunoPrecise's annual management discussion and analysis for the previous quarter ended January 31, 2020 which can be accessed at www.sedar.com. The "forward-looking statements" contained herein speak only as of the date of this press release and, unless required by applicable law, ImmunoPrecise undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE ImmunoPrecise Antibodies

    Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/ipa-confirms-discovery-of-fully-human-potent-neutralizing-antibodies-targeting-sars-cov-2-301085161.html

    SOURCE ImmunoPrecise Antibodies Ltd.

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  2. IPA Announces Discovery of Functional Antibodies from Humans and Llama (VHH), Identified Using IPA Phage Display Technology

    VICTORIA, BC, June 29, 2020 /CNW/ - IMMUNOPRECISE ANTIBODIES LTD. (the "Company" or "IPA") (TSXV:IPA) (OTCQB:IPATF) (FSE: TQB2), an experienced leader in full-service, therapeutic antibody discovery and development, today announced the identification of numerous lead candidate antibodies with highly-potent neutralizing activity in vitro, which are being manufactured for further testing and possible inclusion in the Company's PolyTopeTM mAb Therapy to combat the COVID-19 pandemic.

    On March 12th, 2020, ImmunoPrecise announced several preclinical programs currently being undertaken to assist in the efforts against SARS-CoV-2. Today's announcement updates the Company's progress on the development of a PolyTope™ mAb therapy designed to treat severely ill patients, as well as protect high-risk individuals such as those exposed to the virus, front-line workers, the elderly, and the immunocompromised.

    ImmunoPrecise deployed several proprietary discovery platforms that leveraged the immune systems of humans, llama, rabbits and Ligand Pharmaceutical's (NASDAQ:LGND) OmniAbÒ genetically engineered rats producing human antibodies. The neutralizing antibodies announced today are the result of functional screenings from the top 300 lead antibodies analyzed from the human and llama campaigns. The Company has stated that functional analysis of the remaining 1,300 lead antibodies from the rabbit and OmniAbÒ rat campaigns were performed independently, and they anticipate the release of the preliminary functional data screens from these additional programs in the near future.  

    "Arriving at this critical point in our preliminary research with many lead, functional therapeutic candidates is indicative of the broad scientific scope of IPA's anti-COVID-19 programs," stated Dr. Jennifer Bath, CEO and President of IPA. "An effective cocktail therapy for COVID-19, targeting multiple epitopes on the virus, could prove fundamental in combating this pandemic in an effective and enduring way."

    The Company's scientific approach has led to a diverse set of lead antibody candidates, and thus far has generated many potently neutralizing antibodies to multiple epitopes, supporting the Company's aim of generating a therapeutic that retains efficacy, even as SARS-CoV-2 continues to evolve. To further support the Company's robust scientific approach, IPA is preparing to test these lead antibodies against additional, documented, mutated strains of the virus.

    The Company anticipates pre-clinical studies will begin summer 2020.

    Jennifer Bath, Ph.D., Chief Executive Officer of ImmunoPrecise, has reviewed and approved the scientific disclosure of this news release.

    The use of therapeutics for humans in clinical trials will require approval of the applicable government regulation agency, e.g. The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain COVID-19 (or SARS-CoV-2) at this time.

    About ImmunoPrecise Antibodies Ltd.

    ImmunoPrecise is a full-service, therapeutic antibody discovery Contract Research Organization offering species agnostic, multi-format, characterized and engineered, human monoclonal antibodies, on an abbreviated timeframe, for its pharmaceutical clients. For further information, visit www.immunoprecise.com or contact .

    Forward Looking Information

    This news release contains statements that, to the extent they are not recitations of historical fact, may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. The Company uses words such as "may", "would", "could", "will", "likely", "expect", "believe", "intend" and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by ImmunoPrecise in light of its experience and its perception of historical trends, current conditions and expected future developments. However, whether actual results and developments will conform to ImmunoPrecise's expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause ImmunoPrecise's actual results to differ materially from those expressed or implied by the forward-looking statements contained in this news release. Such factors include, among other things, ImmunoPrecise may not be successful in the development of any vaccine, therapy or diagnostic kits to be used in the prevention, treatment or diagnosis of SARS-CoV-2, actual revenues and earnings for IPA being lower than anticipated, potential adverse impacts due to the global COVID-19 pandemic such as delays in regulatory review, manufacturing and clinical trials, supply chain interruptions and disruption of the global economy, and those risks and uncertainties described in ImmunoPrecise's annual management discussion and analysis for the previous quarter ended January 31, 2020 which can be accessed at www.sedar.com. The "forward-looking statements" contained herein speak only as of the date of this press release and, unless required by applicable law, ImmunoPrecise undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE ImmunoPrecise Antibodies

    Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/ipa-confirms-discovery-of-fully-human-potent-neutralizing-antibodies-targeting-sars-cov-2-301085161.html

    SOURCE ImmunoPrecise Antibodies Ltd.

    Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2020/29/c2047.html

    View Full Article Hide Full Article
  3. COLUMBUS, Ohio, June 18, 2020 (GLOBE NEWSWIRE) -- Sermonix Pharmaceuticals Inc., a privately held biopharmaceutical company focused on the development of female-focused oncology products in the precision medicine metastatic breast cancer arena, today announced that it will share a poster and audio presentation on its lead investigational drug, lasofoxifene, for the American Association for Cancer Research Virtual Annual Meeting II.

    The abstract compares the efficacy of lasofoxifene, a selective estrogen receptor modulator (SERM), and CDK 4/6 inhibitor palbociclib combinations to that of fulvestrant, a selective estrogen receptor degrader (SERD), and palbociclib combinations in NSG mice with breast tumors carrying Y537S ESR1 mutations.

    Presentation

    COLUMBUS, Ohio, June 18, 2020 (GLOBE NEWSWIRE) -- Sermonix Pharmaceuticals Inc., a privately held biopharmaceutical company focused on the development of female-focused oncology products in the precision medicine metastatic breast cancer arena, today announced that it will share a poster and audio presentation on its lead investigational drug, lasofoxifene, for the American Association for Cancer Research Virtual Annual Meeting II.

    The abstract compares the efficacy of lasofoxifene, a selective estrogen receptor modulator (SERM), and CDK 4/6 inhibitor palbociclib combinations to that of fulvestrant, a selective estrogen receptor degrader (SERD), and palbociclib combinations in NSG mice with breast tumors carrying Y537S ESR1 mutations.

    Presentation Details:

    Title: "Lasofoxifene Alone or in Combination With Palbociclib as an Effective Treatment for Therapy-Resistant ER+ Metastatic Breast Cancer"

    Session: PO.EN02.01 - Molecular, Preclinical, and Clinical Endocrinology 2

    Abstract ID: 4370/ 13

    Date + Time: June 22 from 9 a.m. EDT to 6 p.m.

    Following the virtual presentation, the poster will be available in the Medical Meetings section of the Sermonix Pharmaceuticals website.

    "The results demonstrate a positive, synergistic efficacy of lasofoxifene with a CDK 4/6 inhibitor, supporting this type of combination therapy approach in clinical studies," said David Portman, Sermonix founder and chief executive officer. "We look forward to detailing these new results during this important AACR online gathering of the oncology community and initiating a Phase 2 combination study in the near future."

    The study was conducted by the University of Chicago's Ben May Department for Cancer Research.

    "This work marks an important step in continuing to build the foundation of our ongoing, robust ELAINE clinical development program," said Beth Attias, Sermonix chief strategy and development officer. "We are grateful for the collaboration with the University of Chicago and this groundbreaking work of Dr. Geoffrey Greene."

    About Lasofoxifene

    Lasofoxifene is an investigational, nonsteroidal selective estrogen receptor modulator (SERM), which Sermonix licensed from Ligand Pharmaceuticals Inc. (NASDAQ:LGND) and has been studied in previous comprehensive Phase 1-3 non-oncology clinical trials in more than 15,000 postmenopausal women worldwide. Lasofoxifene's bioavailability and activity in mutations of the estrogen receptor could potentially hold promise for patients who have acquired endocrine resistance due to ESR1 mutations, a common finding in the metastatic setting and an area of high unmet medical need. Lasofoxifene's novel activity in ESR1 mutations was discovered at Duke University and Sermonix has exclusive rights to develop and commercialize the product in this area. Lasofoxifene, a potent, oral SERM could, if approved, play a critical role in the targeted precision medicine treatment of advanced ER+ breast cancer.

    About Sermonix

    Sermonix Pharmaceuticals Inc. is a privately held biopharmaceutical company focused on the development of female-specific oncology products and is currently undertaking a Phase 2 clinical study of lasofoxifene, its lead investigational drug. Sermonix Pharmaceuticals was founded in 2014 by David Portman, M.D., a leading clinical researcher and expert in women's health, menopause and selective estrogen receptor modulator (SERM) therapy. The Sermonix management team, led by Dr. Portman, has significant experience in all stages of the drug development and regulatory process. Paul Plourde, M.D., vice president of oncology clinical development, has many decades of experience in the oncology drug development arena. Barry Komm, Ph.D., chief scientific officer, is recognized for his expertise in SERM biology. Elizabeth Attias, M.M.Sc., Sc.D., chief strategy and development officer, has extensive experience in pharmaceutical drug commercialization. Simon Jenkins, Ph.D. vice president of operations, has over 30 years of experience in global drug development leadership. Sermonix non-executive chairman of the board is Anthony Wild, Ph.D., former president of both Parke-Davis Pharmaceuticals and Warner-Lambert's Pharmaceutical Division. Learn more at https://sermonixpharma.com/.

    Contact:

    David Portman, MD

    CEO and Founder, Sermonix Pharmaceuticals



    614-582-6849

    Primary Logo

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  4. Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) announces that Vernalis Research, a Ligand company, has expanded its oncology research collaboration with Servier, an international pharmaceutical company based in France, to jointly identify and enable new therapeutic targets.

    The new three-year research collaboration combines Vernalis' strengths in structure and biophysics-based methods as part of the Vernalis Design Platform (VDP) with the oncology expertise at Servier to enable drug discovery related to several undisclosed proteins identified as potential therapeutic targets. The agreement builds on the successful collaboration between the two companies that has led to the discovery of a number of compounds currently in clinical trials…

    Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) announces that Vernalis Research, a Ligand company, has expanded its oncology research collaboration with Servier, an international pharmaceutical company based in France, to jointly identify and enable new therapeutic targets.

    The new three-year research collaboration combines Vernalis' strengths in structure and biophysics-based methods as part of the Vernalis Design Platform (VDP) with the oncology expertise at Servier to enable drug discovery related to several undisclosed proteins identified as potential therapeutic targets. The agreement builds on the successful collaboration between the two companies that has led to the discovery of a number of compounds currently in clinical trials.

    Vernalis will receive research and success fees, along with potential for milestone payments, and royalties on sales of any target advanced by Servier. Financial terms of the agreement were not disclosed.

    "This new collaboration further validates our fragment and structure-based drug discovery platform, as well as the strength and success of our relationship with Servier. We look forward to working together to develop exciting new cancer treatment opportunities that may add to the successes we've had in targeting Bcl-2 and Mcl-1," commented Mike Wood, Managing Director of Vernalis.

    "We are extremely pleased with the progress we have made in partnership with Vernalis. This new research collaboration provides the framework to establish drug discovery against a number of therapeutic targets and further contribute to addressing important unmet needs of cancer patients," added Olivier Geneste, Director of Oncology Research at Servier.

    About Vernalis Research

    Based in Cambridge, UK, Vernalis Research is a world leader in fragment and structure-guided drug discovery. The Vernalis Design Platform (VDP) integrates protein structure determination and engineering, fragment screening and molecular modeling with medicinal chemistry to enable success in novel drug discovery programs against highly-challenging targets. A key element to the success of VDP is establishing a robust drug discovery platform for each target to validate hit identification using multiple proprietary assay and biophysical systems. Vernalis Research has collaborations across multiple therapeutic areas including oncology, CNS, anti-infectives and inflammation, with global partners and a heritage of successful internal drug discovery in oncology and anti-infectives.

    About Ligand Pharmaceuticals

    Ligand is a revenue-generating biopharmaceutical company focused on developing or acquiring technologies that help pharmaceutical companies discover and develop medicines. Our business model creates value for stockholders by providing a diversified portfolio of biotech and pharmaceutical product revenue streams that are supported by an efficient and low corporate cost structure. Our goal is to offer investors an opportunity to participate in the promise of the biotech industry in a profitable, diversified and lower-risk business than a typical biotech company. Our business model is based on doing what we do best: drug discovery, early-stage drug development, product reformulation and partnering. We partner with other pharmaceutical companies to leverage what they do best (late-stage development, regulatory management and commercialization) to ultimately generate our revenue. Ligand's OmniAb® technology platform is a patent-protected transgenic animal platform used in the discovery of fully human mono- and bispecific therapeutic antibodies. The Captisol platform technology is a patent-protected, chemically modified cyclodextrin with a structure designed to optimize the solubility and stability of drugs. The Vernalis Design Platform (VDP) integrates protein structure determination and engineering, fragment screening and molecular modeling, with medicinal chemistry, to help enable success in novel drug discovery programs against highly-challenging targets. Ab Initio™ technology and services for the design and preparation of customized antigens enable the successful discovery of therapeutic antibodies against difficult-to-access cellular targets. Ligand has established multiple alliances, licenses and other business relationships with the world's leading pharmaceutical companies including Amgen, Merck, Pfizer, Sanofi, Janssen, Takeda, Servier, Gilead Sciences and Baxter International. For more information, please visit www.ligand.com.

    Follow Ligand on Twitter @Ligand_LGND.

    Forward-Looking Statements

    This press release contains forward-looking statements by Ligand that involve risks and uncertainties and reflect Ligand's judgment as of the date of this release. These forward-looking statements include regarding the plans of Vernalis and Servier to identify new therapeutic targets and the potential for economic returns based on any clinical and regulatory milestones. Actual events or results may differ from Ligand's and Vernalis' expectations. For example, the collaboration with Servier may not identify therapeutic targets that support further development and it may take more time or resources to identify or enable therapeutic targets than Vernalis or Servier expect. Many of these risks also apply to the other programs which comprise Ligand's shots-on-goal portfolio. The failure to meet expectations with respect to any of the foregoing matters may reduce Ligand's stock price. Additional information concerning these and other important risk factors affecting Ligand can be found in Ligand's prior press releases and its periodic filings with the Securities and Exchange Commission (including its most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q), as updated by future period reports filed with the Securities and Exchange Commission. Ligand disclaims any intent or obligation to update these forward-looking statements beyond the date of this report. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

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  5. Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) announces that Chief Executive Officer John Higgins issued a letter to Ligand's Captisol® customers. The full text of that letter is as follows:

    To Our Valued Captisol Customers,

    Ligand is in a period of momentous planning and scale-up. As you may know, Captisol is a key ingredient in Gilead Sciences' antiviral remdesivir, which is being developed as a treatment for COVID-19. This drug has received an unprecedented amount of attention. I want to update you as to where Ligand stands in fulfilling our commitment to all our Captisol customers and discuss our plans to increase manufacturing capacity. On behalf of the entire team at Ligand, I want you to know we are dedicated to fulfilling your…

    Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) announces that Chief Executive Officer John Higgins issued a letter to Ligand's Captisol® customers. The full text of that letter is as follows:

    To Our Valued Captisol Customers,

    Ligand is in a period of momentous planning and scale-up. As you may know, Captisol is a key ingredient in Gilead Sciences' antiviral remdesivir, which is being developed as a treatment for COVID-19. This drug has received an unprecedented amount of attention. I want to update you as to where Ligand stands in fulfilling our commitment to all our Captisol customers and discuss our plans to increase manufacturing capacity. On behalf of the entire team at Ligand, I want you to know we are dedicated to fulfilling your Captisol needs with the highest level of service, reliability and quality.

    We are proud that our technology helps make important drugs possible. Over the years Ligand has provided Captisol to more than a thousand organizations for an array of medical uses. Captisol is used in the formulation of novel antibiotics and antifungals. It is in drugs to treat a life-threatening cancer, potentially fatal cardiac events and post-partum depression. And now it plays a role in the fight against COVID-19.

    Captisol is an engineered mixture of sulfo-butyl-ether cyclodextrins (SBECD) that is complex to manufacture, especially under proprietary and reproducible large-scale GMP processes. We continue investing in technology innovation and in expanding our Captisol Drug Master Files, our safety database and our manufacturing network. We provide the highest-quality pharmaceutical-grade SBECD in the world, at a consistency and quantity that are unmatched.

    In January 2020 Gilead informed us they needed Captisol for remdesivir as a potential treatment for COVID-19. That outreach was a natural development as we have had a relationship with Gilead for several years beginning when this drug was being tested for Ebola. We were witnessing the novel coronavirus emerge as a real threat to public health, and as it became clear the virus was not going to be contained and the global health crisis became a pandemic, we anticipated Captisol demand was going to increase substantially. We immediately began coordination on the necessary planning for production needs as initial orders for Captisol were received and steadily grew.

    Clinical work with remdesivir in COVID-19 has been promising as studies indicate the drug reduces the length of hospital stay and may lower the mortality rate in patients with severe disease. On May 1 remdesivir received an Emergency Use Authorization from the U.S. Food and Drug Administration and became the first new drug authorized as a treatment for COVID-19. The medical need was obvious, immense and growing. Then on June 1, Gilead announced additional data in patients with moderate disease showing again that remdesivir has the potential to meaningfully benefit patients.

    We are working closely with Gilead to meet the urgent need for supply of this medicine. In light of Gilead's public statements, we expect their Captisol requirements will increase significantly over the next couple of years, and we expect orders beyond that.

    To meet global demand quickly, Gilead is establishing a consortium of generic pharmaceutical companies around the world to manufacture remdesivir. We have established initial agreements with four of those companies and are prepared to fill the full production and supply needs for all companies producing remdesivir.

    Over the past five years, on average Ligand has supplied about 20 metric tons (MT) of Captisol per year, and we have reserved manufacturing capacity for at least 60 MT. Given the expected growth in demand, and to ensure our ability to meet all partners' needs for the full range of products that utilize Captisol, we plan to deploy up to $60 million over the next year to increase our production capacity to as much as 500 MT per year.

    Preparing to manufacture and deliver Captisol at this level is a major undertaking. Supporting our plan will require ordering new specialized equipment, securing raw material supplies, increasing our staffing and expanding certain manufacturing steps to additional facilities. While this is a classic scale-up operation, there is also complexity involved in manufacturing Captisol given the ultra-high purity requirements and the significant amounts of purified water and specialized equipment required. We have the experience and financial resources to do it.

    We are humbled to play a part in all the critical medicines made possible by Captisol, including remdesivir. And we are proud of our R&D heritage with initial Captisol innovation from internationally recognized pharmaceutical chemists at the University of Kansas, and of our continued investment and innovation in the technology.

    This investment in our future is also an investment in your future. Whether a customer measures their Captisol order in grams or in metric tons, we will meet your needs while supporting Gilead. None of this would be possible without our valued network of partners, and I want to acknowledge their outstanding work and also thank you, our customers, for the contributions you are making to global health.

    Sincerely,

    John Higgins

    Chief Executive Officer

    Ligand Pharmaceuticals Incorporated

    June 1, 2020

    About Ligand Pharmaceuticals

    Ligand is a revenue-generating biopharmaceutical company focused on developing or acquiring technologies that help pharmaceutical companies discover and develop medicines. Our business model creates value for stockholders by providing a diversified portfolio of biotech and pharmaceutical product revenue streams that are supported by an efficient and low corporate cost structure. Our goal is to offer investors an opportunity to participate in the promise of the biotech industry in a profitable, diversified and lower-risk business than a typical biotech company. Our business model is based on doing what we do best: drug discovery, early-stage drug development, product reformulation and partnering. We partner with other pharmaceutical companies to leverage what they do best (late-stage development, regulatory management and commercialization) to ultimately generate our revenue. Ligand's OmniAb® technology platform is a patent-protected transgenic animal platform used in the discovery of fully human mono- and bispecific therapeutic antibodies. The Captisol platform technology is a patent-protected, chemically modified cyclodextrin with a structure designed to optimize the solubility and stability of drugs. The Vernalis Design Platform (VDP) integrates protein structure determination and engineering, fragment screening and molecular modeling, with medicinal chemistry, to help enable success in novel drug discovery programs against highly-challenging targets. Ab Initio™ technology and services for the design and preparation of customized antigens enable the successful discovery of therapeutic antibodies against difficult-to-access cellular targets. Ligand has established multiple alliances, licenses and other business relationships with the world's leading pharmaceutical companies including Amgen, Merck, Pfizer, Sanofi, Janssen, Takeda, Gilead Sciences and Baxter International. For more information, please visit www.ligand.com.

    Follow Ligand on Twitter @Ligand_LGND.

    Forward-Looking Statements

    This letter contains forward-looking statements that involve risks and uncertainties and reflect Ligand's judgment as of the date of this release. Words such as "plans," "believes," "expects," and "will" are intended to identify forward-looking statements. These forward-looking statements include statements regarding: Ligand's ability to supply Captisol and its plans to scale up production of Captisol to meet projected supply requirements of its partners; and the possibility that remdesivir will be further commercialized. Actual events or results may differ from Ligand's expectations due to risks and uncertainties, including: Ligand may be unable to scale-up the supply of Captisol or at acceptable prices; Ligand is currently dependent on a multi-source sole supplier for Captisol and failures by such supplier may result in delays or inability to meet the Captisol demands of its partners; remdesivir may be later shown not to be effective or safe for the treatment of COVID-19 and/or one or more regulatory agencies may revoke its Emergency Use Authorization for remdesivir; and Ligand may not recover its investment if Captisol orders do not meet Ligand's projections. The failure to meet expectations with respect to any of these matters may reduce Ligand's stock price. Additional information concerning these and other risk factors affecting Ligand can be found in prior press releases as well as in Ligand's public periodic filings with the Securities and Exchange Commission. Ligand disclaims any intent or obligation to update these forward-looking statements beyond the date of this release. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

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