Ligand Pharma Inc Roche Contingent Value Rights (LGNDZ)

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8:04AM Ligand Pharma licenses DARA program to Retrophin; potential for over $75 mln in milestone payments to Ligand plus royalties (LGND) 15.21 : Cos announced that they have entered into an agreement in which Ligand has licensed rights to DARA to Retrophin. Under the terms of the agreement, Ligand will receive a net upfront payment of $1 mln, and may receive, net of amounts owed to third parties, over $75 mln in milestone payments based on clinical and regulatory progress as well as 9% in royalties on potential future worldwide sales by Retrophin. Retrophin intends to develop DARA for orphan indications of severe kidney diseases including Focal Segmental Glomerulosclerosis as well as conduct proof-of-concept studies in resistant hypertension and diabetic nephropathy.