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From Lgnd may 4th 8k

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pennypauly Member Level  Tuesday, 05/10/16 09:42:58 AM
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From Lgnd may 4th 8k

I feel LGNDZ will get some of the latest purchase of CorMatrix General CVR's rights. This deal was done with cash. The value is minimum of 2.75 mil a year. If I am correct then it puts us at a dime. Still trying to figure out what we have coming in on the books

On May 3, 2016, Ligand entered into an agreement to acquire certain economic rights of CorMatrix ® Cardiovascular, Inc. (“CorMatrix”). Pursuant to the Purchase Agreement, Ligand will pay $17.5 million in cash to acquire a portion of revenues (“synthetic royalties”) from CorMatrix’s existing marketed products and will have the right to receive potential future synthetic royalties from future marketed products, if any. Ligand is entitled to a minimum of $2.75 million of synthetic royalty annually. The synthetic royalty on currently marketed products is expected to generate approximately the minimum royalty in the near-term and Ligand estimates this synthetic royalty has the potential to double over time with commercial success. The synthetic royalty rate on the pipeline assets is a mid-single digit royalty. The agreement will terminate with respect to each of CorMatrix’s products upon the later of (i) May 3, 2026 and (ii) 10 years from the date of the first commercial sale of such product.


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