Ligand Pharmaceuticals Inc. (LGND) and Organon (AKZOY) Mutually Terminate Collaboration and License Agreement
7/31/2009 8:48:14 AM
SAN DIEGO, Jul 30, 2009 (BUSINESS WIRE) ----Ligand Pharmaceuticals Incorporated (NASDAQ: LGND: 2.9601, 0.1001, 3.5%) announced today the mutual termination of its collaboration and license agreement with N.V. Organon, which Ligand assumed in connection with its acquisition of Pharmacopeia in December 2008. Pharmacopeia and Organon entered into the collaboration and license agreement in February 2007 for the purpose of working collaboratively to discover, develop and commercialize therapeutic products across a broad range of indications, including neuroscience and immunology. Under the terms of the collaboration and license agreement, Pharmacopeia received an up-front payment of $15 million and additional payments in research funding over the five-year term of the research portion of the agreement.