Ligand Earns $1 Million Milestone Payment as GSK Begins Phase II Studies

Ligand Pharmaceuticals has earned a $1 million milestone payment from GlaxoSmithKline with that company's commencement of Phase II trials of SB-497115, an oral, small molecule drug that mimics the activity of thrombopoietin, a protein factor that promotes growth and production of blood platelets.

If the drug ultimately is approved and marketed, Ligand could receive double-digit royalties on product sales.