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SMALL BUSINESS
Ligand, Exelixis amend license deal
AP ONLINE
posted: 25 DAYS 14 HOURS AGO
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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