Ligand Pharmaceuticals Inc. (LGND) Receives Equity Milestone Payment From Retrophin, LLC
1/9/2013 9:39:59 AM
SAN DIEGO--(BUSINESS WIRE)--Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announced today that it has received a milestone payment of 620,000 shares of common stock in newly public partner Retrophin, Inc. (OTCQB: RTRX). The milestone arose under the previously executed license agreement for the development and commercialization of Retrophin’s lead clinical candidate RE-021, formerly known as DARA (a Dual Acting Receptor Antagonist of Angiotensin and Endothelin receptors) and was triggered by the completion of Retrophin’s merger with Desert Gateway, Inc. and its transition to a publicly traded company. Ligand will record milestone revenue equal to the estimated fair value of the shares received, which will be determined by an independent valuation firm. The shares issued to Ligand represent approximately 7% of Retrophin’s outstanding capital stock and may be subject to certain trading restrictions.