LGND - Ligand receives milestone payment from Merck

Triggered by the U.S. Food and Drug Administration acceptance for review of a biologics license application for V114, Ligand Pharmaceuticals (LGND) received a $1.5M milestone payment from Merck.V114 is an investigational 15-valent pneumococcal conjugate vaccine candidate for the prevention of pneumococcal disease in adults."If commercially launched, Ligand is entitled to a low-single-digit royalty on net sales of V114. The CRM197 carrier protein produced via our patent protected Protein Expression Technology platform is utilized in the V114 vaccine program," CEO John Higgins commented.

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Ligand receives milestone payment from Merck