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Ligand Announces OmniAb® Partnership with iMetabolic Biopharma Corporation

Wednesday, November 21st 2018 at 2:00pm UTC

SAN DIEGO–(BUSINESS WIRE)– Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announces it
has entered into a worldwide OmniAb partnership with iMetabolic
Biopharma Corporation (iMBP), an early stage biopharma company located
in Tempe, AZ. Under the terms of the partnership, iMBP gains access to
the full OmniAb platform including OmniRat®, OmniMouse®,
OmniFlic® and OmniChicken in their drug discovery
efforts. Ligand received an up-front license payment and is eligible to
receive a tiered royalty on future potential sales of up to 6%. As part
of the agreement, Ligand will fund and facilitate selected early
antibody discovery activities and will in return receive an ownership
position in iMBP. iMetabolic Biopharma Corporation will be responsible
for pre-clinical and clinical development costs and commercialization
costs.

“Ligand is proud of its heritage of establishing strategic partnerships
with innovative, emerging organizations with experienced management
teams, and our agreement with iMetabolic Biopharma Corporation is
another example of such an alliance,” said John Higgins, Chief Executive
Officer of Ligand. “Like our many other OmniAb partners, iMBP
understands the value and benefit of the multi-species, genetically
engineered OmniAb platforms for generation of diverse mono- and
bispecific fully human antibodies as they look to develop first-in-class
therapeutics for metabolic diseases with significant unmet needs.”

Dr. Urban A. Kiernan, the Founder and Chief Executive Officer of
iMetabolic Biopharma Corporation, stated, “The willingness of the Ligand
team to execute this partnership deal clearly shows their understanding
of the needs and value of early stage drug discovery and development
companies. Such partnerships are the driving force of innovation and we
are honored and enthused to have a partner in Ligand.”

About OmniAb®

OmniAb is a three-species transgenic-animal platform consisting of four
different technologies used for producing mono- and bispecific human
therapeutic antibodies. OmniRat® is the industry’s first
human monoclonal antibody technology based on rats. It has a complete
immune system with a diverse antibody repertoire and generates
antibodies with human idiotypes as effectively as wild-type animals make
rat antibodies. OmniMouse® is a transgenic mouse that
complements OmniRat and expands epitope coverage. OmniFlic®
is an engineered rat with a fixed light chain for development of
bispecific, fully human antibodies. OmniChicken is the
industry’s first human monoclonal antibody technology based on chickens.
The four technologies use patented technology, have broad freedom to
operate and deliver fully human antibodies with high affinity,
specificity, expression, solubility and stability.

About iMetabolic Biopharma Corporation

iMetabolic Biopharma Corporation (iMBP) is an exciting early stage
precision medicine biopharma company that is developing a novel
therapeutic to treat obesity-related diseases. This includes a spectrum
of disorders, but the company has elected to focus initially on
hyperlipidemia in the form of Familial Chylomicronemia Syndrome (FCS).
Based in Tempe, AZ, iMBP is growing its operations to support the
development of its lead candidate molecule. As there is significant
unmet need in the development of drugs in this space, and with heart
disease remaining the number one cause of death both in the US and
globally, it is clear that innovation is required to improve this issue.
Focusing on a new area of lipid metabolism, the iMBP Corp team and its
network of physicians and researchers are poised to move forward
ground-breaking science to help improve patient care. “Restoring Health
Through Innovation”

Follow iMetabolic Biopharma Corporation on social media.
Twitter:
@iMetabiopharma
Facebook: @iMBPCorp
LinkedIn: iMetabolic
Biopharma Corporation

About Ligand Pharmaceuticals

Ligand is a biopharmaceutical company focused on developing or acquiring
technologies that help pharmaceutical companies discover and develop
medicines. Our business model creates value for stockholders by
providing a diversified portfolio of biotech and pharmaceutical product
revenue streams that are supported by an efficient and low corporate
cost structure. Our goal is to offer investors an opportunity to
participate in the promise of the biotech industry in a profitable,
diversified and lower-risk business than a typical biotech company. Our
business model is based on doing what we do best: drug discovery,
early-stage drug development, product reformulation and partnering. We
partner with other pharmaceutical companies to leverage what they do
best (late-stage development, regulatory management and
commercialization) to ultimately generate our revenue. Ligand’s Captisol®
platform technology is a patent-protected, chemically modified
cyclodextrin with a structure designed to optimize the solubility and
stability of drugs. OmniAb® is a patent-protected transgenic
animal platform used in the discovery of fully human mono- and
bispecific therapeutic antibodies. Ligand has established multiple
alliances, licenses and other business relationships with the world’s
leading pharmaceutical companies including Novartis, Amgen, Merck,
Pfizer, Celgene, Gilead, Janssen, Baxter International and Eli Lilly.

Follow Ligand on Twitter @Ligand_LGND.

Forward-Looking Statements

This news release contains forward-looking statements by Ligand that
involve risks and uncertainties and reflect Ligand’s judgment as of the
date of this release. These include statements regarding Ligand’s
partnership agreement with iMBP under which Ligand may receive defined
equity payments and royalties. Actual events or results may differ from
our expectations. For example, there can be no assurances that iMBP will
successfully develop or market any antibodies discovered under the
license. The failure to meet expectations with respect to any of the
foregoing matters may reduce Ligand’s stock price. Additional
information concerning these and other important risk factors affecting
Ligand can be found in Ligand’s prior press releases available at www.ligand.com
as well as in Ligand’s public periodic filings with the Securities and
Exchange Commission, available at www.sec.gov.
Ligand disclaims any intent or obligation to update these
forward-looking statements beyond the date of this press release, except
as required by law. This caution is made under the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.

Contacts

Ligand Pharmaceuticals Incorporated
Todd Pettingill
investors@ligand.com
(858)
550-7893
@Ligand_LGND

LHA
Bruce Voss
bvoss@lhai.com
(310)
691-7100

Source: Ligand Pharmaceuticals Incorporated


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