Ligand to settle dispute with Salk Institute
USA-based Ligand Pharmaceuticals has entered a settlement agreement in its dispute with the Salk Institute for Biological Studies relating to the firm's sale of Targretin (bexarotene) to Japan's Eisai in 2006.
The terms of the deal are a compromise and provide the firms with clarity regarding future payment obligations. As part of the settlement, Salk agreed to drop its claim for at least $25.3 million and Ligand instead agreed to pay Salk $9.5 million immediately upon settlement and $3.5 million six months after.
Salk says that no additional payments will be due from Ligand or any sublicense for any past, present or future conduct, including development of any compound in its internal or partnered pipeline, except for any future payments related to the compound Viviant (bazedoxifene), currently licensed to fellow US firm Wyeth.
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