Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) announced today that its partner Pfizer, Inc. (NYSE:PFE) has granted a sublicense to a multi-national pharmaceutical company for Tanaproget, also known as NSP-989. As a result, Ligand will receive an upfront payment of $1 million from Pfizer. Ligand is entitled to clinical and regulatory milestone payments from Pfizer as Tanaproget advances through the development process, as well as tiered royalties on net sales.
“Our collaborative relationship with Pfizer continues to be very productive and this sublicense adds another promising program to Ligand's large portfolio of assets.”
Tanaproget is a tissue-selective, non-steroidal contraceptive progesterone receptor agonist that has the potential for an improved side effect profile over current steroid-containing contraceptives. The sublicensee is now responsible for the worldwide development, registration and commercialization of Tanaproget.
"We are pleased with Pfizer's decision to enable further progression of Tanaproget through this sublicense agreement. Tanaproget is an example of the significant progress made in the field of women's health, providing an additional oral contraceptive option for women using both prescription and non-prescription methods of contraception," said John L. Higgins, President and Chief Executive Officer of Ligand Pharmaceuticals. "Our collaborative relationship with Pfizer continues to be very productive and this sublicense adds another promising program to Ligand's large portfolio of assets."
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