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Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) has signed a collaboration agreement with Double-Crane Pharmaceutical Co Ltd (CRDC).
The agreement grants CRDC exclusive Asia territorial rights to develop an oral COVID-19 antiviral using Ligand's BEPro technology.
Ligand will receive an upfront payment regarding the collaboration, and if the program advances, clinical and regulatory milestone payments, and tiered royalties on net sales.
CRDC will be responsible for all costs related to the program.
BEPro is a proprietary prodrug technology that is specifically applicable to nucleotides and nucleotide analogs to develop compounds with improved product profiles.
Ligand has generated preclinical pharmacokinetics data showing its oral BEPro-enabled COVID-19 antivirals to have a favorable blood concentration profile and generate lower levels of active nucleotide in the kidney a potential site for toxicity.
Price Action: LGND shares are up 1.05% at $132.78 during the market session on the last check Thursday.
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