Biotech Values

[ghmm]

I went back to the 2009 10-k (filed in 2010) its mentioned there but not in the 10-k for 2010 (filed this year), at least I couldn't find it in a quick search. Anyway no mention of royalty

http://www.sec.gov/Archives/edgar/data/886163/000119312510046761/d10k.htm
(page 9/10)

A Beta-Secretase inhibitor is in clinical development for Alzheimer’s disease. We received a milestone payment of $1.0 million from Merck for lead selection and Phase I initiation. Merck reported the completion of Phase I single dose trial study with a 58% reduction in A-Beta peptide in cerebral/spinal fluid. Phase I multi-dose trial is ongoing, and a Phase II trial initiation is projected to start in 2010.

Under the terms of these agreements with Merck, while our research activities have ceased, the cessation of those research activities did not affect other aspects of those agreements, including the ongoing Phase II and Phase I clinical trials and preclinical programs that Merck is conducting. We continue to be entitled to payments resulting from the successful achievement by Merck of clinical and regulatory milestones, as well as royalty payments at various rates depending on the origin of collaboration products from discovery and optimization libraries at Ligand and Merck, and on net sales of products resulting from compounds being developed by Merck under those agreements.