Ligand Pharmaceuticals

Yesterday our longstanding partner Verona Pharma achieved a pivotal milestone with the #FDA approval of Ohtuvayre™, previously known as ensifentrine, the first inhaled product with a novel mechanism of action available for the maintenance treatment of chronic obstructive pulmonary disease (COPD) in more than 20 years. This is a significant step forward for the millions of COPD patients who have sought better treatment options to manage the daily symptoms of this disease. For Ligand this is also an important milestone. It’s the second FDA approval within our royalty portfolio in two weeks, and the eighth regulatory approval since 2023. We have earned a $5.8 million milestone payment upon FDA approval of Ohtuvayre. We will also earn an additional $13.8 million upon the commercial launch of Ohtuvayre, which is expected to occur during the third quarter of 2024, and a low single-digit royalty on worldwide net sales. With Ohtuvayre, we now have 11 key commercial stage products driving our financial performance and a portfolio of more than 100 additional programs at various stages of development. Read our announcement on the Ohtuvayre approval here: https://bit.ly/4cfTk9S

We are excited to see Primrose Bio's continued progress. This investment by 1315 Capital further validates the strength of Primrose’s technology solutions which we expect to generate significant value for Primrose shareholders, including Ligand. As we announced last week, Merck’s CAPVAXIVE™ utilizes Primrose’s Pfenex Expression Technology® platform. Ligand is entitled to royalties on CAPVAXIVE as well as five additional commercial products developed with the Pfenex technology. We will also benefit from potential future revenues through additional partnerships with Primrose.

We have added another highly differentiated asset to our growing commercial-stage royalty portfolio. Congratulations to our longstanding collaborator Merck on the regulatory approval of CAPVAXIVE™, formerly known as V116, a 21-valent pneumococcal conjugate vaccine for invasive pneumococcal disease and pneumococcal pneumonia in adults. Ligand has earned a $2 million milestone payment and is entitled to a royalty on worldwide net sales. This is the fourth regulatory approval within the Ligand portfolio this year. We now have more than 25 commercial products, including two marketed by Merck, and more than 10 products in either NDA or Phase 3 development. Read our announcement on the CAPVAXIVE #FDA approval here: https://bit.ly/3Vo7RsW

Congratulations to our long-time partner Viking Therapeutics, Inc. who announced positive 52-week histologic data from their Phase 2b voyage study of VK2809 in patients with biopsy-confirmed non-alcoholic steatohepatitis (NASH). The study successfully achieved its primary endpoint after 12 weeks of treatment, and affirmed VK2809's potent effect on liver fat, along with its favorable tolerability and safety profile. Yesterday's results also highlighted that VK2809 achieved its secondary endpoints evaluating histologic changes assessed by hepatic biopsy after 52 weeks of treatment with VK2809. NASH is a very large potential market. If Viking is successful in their development of VK2809, the program will address a multi-billion dollar market opportunity. Ligand earns a 3.5% -7.5% royalty on potential sales of VK2809 as well as significant clinical, regulatory, and commercial milestones. Read the announcement here: https://prn.to/3KqU8fQ

We are pleased to share that Ligand CEO Todd Davis and CFO Tavo Espinoza will be participating in one-on-one investor meetings at the Craig-Hallum Capital Group Institutional Investor Conference in Minneapolis next week and will be presenting at the Goldman Sachs Global Healthcare Conference in Miami on June 12. To learn more: https://bit.ly/3WW8yfC

On Tuesday we announced our first quarter 2024 financial results. On the earnings call, CEO Todd Davis, and members of the Ligand senior management team, highlighted our positive momentum during the first quarter, the significant progress of our commercial and development stage portfolio including our recent #royaltyfinancing agreement with Agenus and the launch of Pelthos Therapeutics, and the key growth drivers for the remainder of the year. View our earnings release here: https://bit.ly/4acV1D5

We are excited to announce our latest #royaltymonetization with Agenus. This partnership gives Ligand an interest in multiple oncology products diversified across different targets and indications. Our investment team spent a significant amount of time and effort conducting diligence on each of these unique and valuable assets and we are enthusiastic about the potential of Agenus’ partnered portfolio and the company’s broad and highly differentiated botensilimab and balstilimab (BOT/BAL) clinical development program. Under the terms of the agreement, Ligand is entitled to receive royalties and milestone payments on six Agenus-partnered oncology programs and royalties on future global net sales generated by BOT/BAL. This partnership will support Agenus’ planned confirmatory Phase 3 trial in its lead indication of patients with metastatic, relapsed/refractory colorectal cancer not microsatellite instability-high or deficient mismatch repair, who are without active liver metastases, which received Fast Track Designation from the FDA in April 2023. Read the announcement here: https://bit.ly/3wAqOQF

#FILSPARI is an important part of our #drugroyalty portfolio. Today FILSPARI became the first non-immunosuppressive therapy for the treatment of IgA nephropathy, a rare kidney disease and a leading cause of kidney failure, approved in Europe. Congratulations to Travere Therapeutics and CSL Vifor on this incredible milestone. CSL Vifor expects to launch FILSPARI in the first European markets in the second half of 2024 and Ligand is entitled to net royalties of 9% on future global net product sales. Read more: https://lnkd.in/gKcXT-2Q

On May 7 we will report Q1 2024 financial results after the close of the U.S. financial markets followed by a conference call at 4:30pm ET. Register: https://bit.ly/3WdLqJa

Congratulations to the Pelthos Therapeutics team on another step forward toward bringing #ZELSUVMI, a novel at-home treatment for molluscum contagiosum, to the patients who need it. We are honored to have senior biopharmaceutical executives Peter Greenleaf and Matthew Pauls join the Pelthos Board of Directors. Read the announcement ⬇