Pfizer's Fablyn approved in Europe, triggering $3M milestone to Ligand

The USA's Ligand Pharmaceuticals says that its partner, Pfizer, has received approval from the European Commission for Fablyn  (lasofoxifene), a selective estrogen receptor modulator for the  treatment of osteoporosis in post-menopausal women at increased risk of  fracture. The move earns Ligand a $3.0-million milestone fee, which  Pfizer has elected to pay by returning 323,338 shares of the stock it  owns in Ligand. The shares are valued as of the date of the settlement  agreement adjusted for Ligand's 2007 return of capital paid to the  latter's shareholders. After this payment, Pfizer still owns 674,230  shares in Ligand. At the start of the year, Pfizer received a complete  response letter from US regulators requesting additional information for  Fablyn (Marketletter January 26). The drug was previously denied US  approval both for this indication in 2005 and for vaginal atrophy in  2007.