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LGND > SEC Filings for LGND > Form 8-K on 30-Apr-2013All Recent SEC Filings

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Form 8-K for LIGAND PHARMACEUTICALS INC


30-Apr-2013

Entry into a Material Definitive Agreement


Item 1.01 Entry into a Material Definitive Agreement.
On April 29, 2013, we entered into a Royalty Stream and Milestone Payments Purchase Agreement with Selexis SA, a privately held life sciences company headquartered in Switzerland, to acquire a portfolio of possible future royalty and milestone payment rights based on over 15 Selexis commercial license agreement programs with various pharmaceutical-company counterparties. In return, we paid Selexis $3.5 million in an upfront cash payment, and expect to make a $1 million cash payment on the first anniversary of the closing. The more than 15 programs that are the subject of this transaction are based on Selexis' technology platform for cell line development and scale-up to manufacturing of therapeutic proteins and relate to pre-commercialized drugs that are currently being developed, and which should require no funding or technological support from Ligand.

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