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Ligand, Exelixis amend license deal

Ligand Pharmaceutical amends license deal with Exelixis for future royalties, $75,000 payment

  • On 2:48 pm EST, Monday November 2, 2009

SAN DIEGO (AP) -- Ligand Pharmaceuticals Inc. said Monday it amended its license deal with Exelixis Inc. and will receive a $75,000 payment along with entitlements for future royalites.

The deal dates back to 1999 when Ligand invested in a licensed technology to X-Ceptor, a then private company that Exelixis later bought. Ligand is now entitled to receive royalties on future sales of potential products aimed at treating metabolic disorders.

The $75,000 payment is for providing access to certain patent rights.

Shares of Ligand fell 2 cents to $1.68. Shares of Exelixis, which is headquartered in South San Francisco, rose 17 cents to $6.25.

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