Ligand Pharmaceuticals and The Rockefeller University Enter Settlement Agreement and Mutual Release.SAN DIEGO -- Ligand Pharmaceuticals Incorporated (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : LGND LGND Luminance Ground ) (the "Company" or "Ligand") and The Rockefeller University ("Rockefeller") have entered into a Settlement Agreement and Mutual Release (the "Settlement Agreement"). Pursuant to the terms of the Settlement Agreement, the parties have resolved all disputes that have arisen between them in litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute.
When a person begins a civil lawsuit, the person enters into a process called litigation. , including Rockefeller's primary claim relating to the development of PROMACTA[R] (eltrombopag). In addition, the parties have agreed to jointly seek dismissal with prejudice dismissal with prejudice n. see dismissal. of all claims and counterclaims asserted in the ongoing litigation between the parties.
Ligand and Rockefeller agreed to terminate their 1992 license agreement. The termination of the license agreement will not negatively affect previously granted sublicenses or conveyances of rights to any third party and under the license agreement. Ligand does not believe that it requires a license from Rockefeller for its ongoing business activities, but Rockefeller has granted Ligand and its sublicensees a covenant not to sue COVENANT NOT TO SUE. This is a covenant entered into by a party who had a cause of action at the time of making it, and by which he agrees not to sue the party liable to such action.
2. under any patents or know-how that were the subject of the license agreement for any past, present or future use of such patents or know-how.
As part of the settlement, Ligand agreed to pay Rockefeller $5 million upon entering into the Settlement Agreement, $2 million in payments over the next two years, plus royalties derived from product sales including for TPO (Twisted Pair Only) Refers to the use of twisted pair wire when other options are available. For example, a TPO suffix at the end of 3com Ethernet adapter model numbers indicates the card has only an RJ45 connector. mimetic mimetic /mi·met·ic/ (mi-met´ik) pertaining to or exhibiting imitation or simulation, as of one disease for another.
1. Of or exhibiting mimicry.
2. compounds licensed to GlaxoSmithKline (GSK GSK GlaxoSmithKline plc (pharmaceutical company)
GSK Glycogen Synthase Kinase
GSK Gruppentraining Sozialer Kompetenzen (Germany)
GSK Greenland Shark (FAO fish species code) ). Ligand will pay Rockefeller a 5.88% share of royalties it receives from GSK on world-wide annual sales of eltrombopag of up to $1.5 billion, and a 7.0% share of royalties it receives from GSK on sales of eltrombopag greater than $1.5 billion in any given year. Ligand will pay Rockefeller 1.5% of world-wide annual net sales Net Sales
The amount a seller receives from the buyer after costs associated with the sale are deducted.
This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of LGD-4665. In addition, Ligand will pay Rockefeller 50% of any future milestones it receives from GSK under the license agreement GSK entered into with Ligand in 1994. There will be no sharing of milestone payments related to LGD-4665.
This Settlement Agreement largely ends the relationship between Ligand and Rockefeller that dates back to the 1992 license agreement, under which Ligand licensed from Rockefeller certain technology relating to cytokine-activated Signal Transducers and Activators of Transcription (STATs) to control gene expression. On March 4, 2008, Rockefeller filed suit in the Supreme Court of the State of New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of against Ligand alleging, among other things, a breach by Ligand of the 1992 license agreement, as well as other causes of action. Ligand denied the claims and filed an answer and counterclaims.
"We are pleased with the amicable resolution of this matter," said John L. Higgins, President and Chief Executive Officer of Ligand Pharmaceuticals. "We believe the settlement with Rockefeller is in the best interest of our company and our shareholders."
About Ligand Pharmaceuticals
Ligand discovers and develops new drugs that address critical unmet medical needs of patients with muscle wasting, frailty, hormone-related diseases, osteoporosis, inflammatory diseases, anemia, asthma, rheumatoid arthritis and psoriasis. Ligand's proprietary drug discovery and development programs are based on the most advanced cell-based assays, gene-expression tools, ultra-high throughput screening and one of the world's largest combinatorial chemical libraries. Ligand has strategic alliances with major pharmaceutical and biotechnology companies, including Bristol-Myers Squibb, Celgene, Cephalon Ceph´a`lon
n. 1. (Zool.) The head. , GlaxoSmithKline, Schering-Plough, Pfizer and Wyeth Pharmaceuticals. With nine pharmaceutical deals and more than twenty different molecules in various stages of development, Ligand utilizes proprietary technologies for identifying drugs with novel receptor and enzyme drug targets.
About Rockefeller University
The Rockefeller University is a world-renowned center for research and graduate education in the biomedical sciences, chemistry, and physics. Founded by John D. Rockefeller in 1901, the university has been the site of many important scientific breakthroughs. Rockefeller scientists established that DNA DNA: see nucleic acid.
or deoxyribonucleic acid
One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. is the chemical basis of heredity, discovered blood groups, showed that viruses can cause cancer, founded the modern field of cell biology, and worked out the structure of antibodies. Twenty-three Nobel Prize winners Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel
1969 Ragnar Frisch Jan Tinbergen
1970 Paul A. Samuelson
1971 Simon Kuznets
1972 Sir John R. Hicks Kenneth J. have been associated with the university.
This news release contains certain forward-looking statements by Ligand that involve risks and uncertainties and reflect Ligand's judgment as of the date of this release. Actual events or results may differ from Ligand's expectations. For example, the dismissal of the litigation requires the entering by the court of a final judgment, order and decree which has not yet occurred, and PROMACTA[R] (eltrombopag) and other compounds in Ligand's internal or partnered pipeline may not continue to be developed by Ligand or its partners. The failure to meet expectations may reduce Ligand's stock price. Additional information concerning risk factors affecting Ligand's business can be found in prior press releases available via www.ligand.com as well as in Ligand's public periodic filings with the Securities and Exchange Commission at www.sec.gov. Ligand disclaims any intent or obligation to update these forward-looking statements beyond the date of this release. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995.