As part of the deal, Ligand will be receiving an up-front payment and is also eligible to get revenue from Captisol material sales, potential milestone payments and royalties on future net sales of the products containing Captisol.
Ligand Pharmaceuticals president and chief executive officer John Higgins said through this multi-program partnership with Avion Pharmaceuticals, the company is adding a new organization to its growing list of partners and have added four additional fully-funded programs to its existing portfolio of more than 100 Shots-on-Goal.
"Ligand continues to expand its portfolio of assets to deliver value to shareholders," Higgins said.
"Importantly, this partnership also demonstrates new demand for Captisol in both oral and topical administration, adding to the position Captisol has established in enabling injectable products."
The company’s business model features economic interests in a broad and growing portfolio of biotech and pharmaceutical programs that is based upon new research and proprietary technology.