11.05.09
Ligand Pharmaceuticals and Pfizer have extended their JAK3 research collaboration for another year. Ligand will receive $3.1 million in research payments to continue drug discovery and lead candidate optimization. Under the original agreement, Ligand is entitled to receive as much as $175 million in success-based milestones for the development and commercialization of multiple products. In addition, Ligand will receive royalties on product sales.
“We are very pleased to learn that Pfizer has elected to extend the JAK3 research collaboration with Ligand,” said John L. Higgins, President and chief executive officer of Ligand. “We view JAK3 inhibitors as a very promising market opportunity, and given Pfizer's clinical success with its own internal program we are convinced that they are highly committed to this category. Ligand has an exceptional record of drug discovery while serving major pharmaceutical companies in a number of research collaborations. We are pleased with the team’s progress and look forward to continued success as we drive the program forward for Pfizer.”
“We are very pleased to learn that Pfizer has elected to extend the JAK3 research collaboration with Ligand,” said John L. Higgins, President and chief executive officer of Ligand. “We view JAK3 inhibitors as a very promising market opportunity, and given Pfizer's clinical success with its own internal program we are convinced that they are highly committed to this category. Ligand has an exceptional record of drug discovery while serving major pharmaceutical companies in a number of research collaborations. We are pleased with the team’s progress and look forward to continued success as we drive the program forward for Pfizer.”