Ligand Pharmaceuticals Incorporated (LGND) Thursday said its partner Verona Pharma plc has received approval from the Food and Drug Administration (FDA) for Ohtuvayre for the maintenance treatment of chronic obstructive pulmonary disease (COPD) in patients with more then 20 years.
Ligand has earned a milestone payment of $5.8 million upon the FDA approval of Ohtuvayre. It is entitled to get $13.8 million on commercial launch of the drug, that is expected to occur during the third quarter of 2024. The company will also get a low single-digit royalty on worldwide net sales of Ohtuvayre.
With this FDA approval, Ligand now has 11 key commercial products driving the company's financial performance and a portfolio of more than 100 additional programs at various stages of development, the company said in a statement.
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