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Business

Ligand divests product lines

September 18, 2006 | APPEARED IN VOLUME 84, ISSUE 38

Ligand Pharmaceuticals has signed two deals under which it is selling its commercial drug portfolio to focus on its research efforts. Ligand is selling U.S. and Canadian rights to its morphine sulfate pain therapy Avinza to King Pharmaceuticals for $313 million. King will make unspecified royalty payments until Avinza's patent expires in 2017. Ligand also agreed to sell its oncology product line to Eisai for $205 million. Eisai will make royalty payments as well.

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