SAN DIEGO--(BUSINESS WIRE)--June 26, 2006--Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - News; the “Company” or “Ligand”) announced today that it has earned from Wyeth (NYSE:WYE - News) a milestone payment of an undisclosed amount as a result of Wyeth’s confirmation of submission on June 23, 2006, of a New Drug Application (NDA) to the US Food and Drug Administration (FDA) for bazedoxifene investigated as a postmenopausal osteoporosis therapy. Bazedoxifene is a selective estrogen receptor modulator (SERM). According to the National Osteoporosis Foundation, as of 2002 eight million American women have osteoporosis and almost 27 million women are estimated to have osteopenia (low bone mass), placing them at increased risk for osteoporosis.
