Ligand has settled its lawsuit with Pfizer alleging breach of contract in the firms' collaboration on the development of droloxifene. Ligand was seeking milestone payments and royalty commitments in connection with the drug.
In settling the dispute, Pfizer has agreed to pay milestones and royalties to Ligand; the latter is deemed to have earned a second milestone payment of $300,000 and is expected to receive a further $900,000 on September 1, if the drug continues in development for osteoporosis or other indications. Droloxifene, licensed from Klinge of Germany, is currently in Phase III trials for breast cancer and Phase II for osteoporosis. The settlement also clarifies Ligand's entitlements with regard to follow-up CP-336,156, which should enter the clinic by year-end in Europe.
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