Ligand buys milestone and royalty interest in mid-stage AstraZeneca IL-9 program for asthma

San Diego, USA-based Ligand Pharmaceuticals says that it has bought from the Genaera Liquidating Trust certain intellectual property and interests in future milestones and royalties for MEDI-528, an interleukin-9 antibody program under development by Anglo-Swedish drug major AstraZeneca's subsidiary, MedImmune, paying the Trust $2.75 million. MEDI-528 is currently in a 320-patient Phase II study for moderate-to-severe asthma.

Ligand said the opportunity arose from initial diligence and work conducted by Biotechnology Value Fund. As part of this transaction and a result of BVF's contributions, Ligand entered into a separate agreement with the latter and certain of its affiliates, whereby BVF and Ligand will share the purchase price and any proceeds from the deal equally. Accordingly, BVF has paid Ligand $1.375 million.