Ligand Pharmaceuticals Inc. (LGND) Exercises First Option To Buy Down ONTAK Royalties 
10/19/2005 5:12:01 PM

SAN DIEGO--(BUSINESS WIRE)--Jan. 7, 2005--Ligand Pharmaceuticals (NASDAQ:LGND) announced today it has exercised the first option under its November 2004 agreement with Eli Lilly and Company (NYSE:LLY) to buy down a portion of the royalties payable to Lilly on sales of Ligand's marketed cancer drug ONTAK(R) (denileukin diftitox) in the United States. Ligand recorded sales of $34.3 million for ONTAK in calendar year 2003 and $25.9 million in the first three quarters of 2004.