LGND - Ligand Pharma's Icagen GlaxoSmithKline in licensing pact for neurological diseases

Ligand Pharmaceuticals's ([[LGND]] +0.04%) unit Icagen and GlaxoSmithKline ([[GSK]] -2.3%) have entered into a collaboration and license agreement that will utilize Icagen discovery technology to identify and develop inhibitors of a specific genetically-validated molecular target relevant to neurological diseases.Ligand will get an upfront payment of $7M, and is eligible to receive additional milestone payments of as much as $154.5M, as well as tiered royalties on net sales of any drug from the collaboration that is commercialized by GSK.GSK has the exclusive option to license any identified inhibitors and will be responsible for the further development and commercialization of any drug candidates identified through the collaboration.

For further details see:

Ligand Pharma's Icagen, GlaxoSmithKline in licensing pact for neurological diseases