jeudi 3 décembre 2020


Ligand Receives $47 Million from WuXi Biologics for Expansion of Worldwide OmniAb® Platform License Agreement

Par Rédaction , dans Communiqués , le 27 juin 2018

Wednesday, June 27th 2018 at 1:00pm UTC

Updates 2018 Full Year and Second Quarter Financial Guidance

SAN DIEGO–(BUSINESS WIRE)– Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announces it has
received $47 million as a result of signing an amendment relating to its
OmniAb platform agreement with WuXi Biologics (“WuXi Bio”, SEHK:
2269.HK). This amendment provides WuXi Bio more efficiency in expanding
its OmniAb antibody discovery services.

Under the previous license agreement, OmniAb antibodies discovered and
sub-licensed by WuXi Bio generated potential pre-defined contract
payments to Ligand and potential royalties on global product sales.
Under the amended agreement, Ligand will continue to be eligible to earn
royalties at the same rate and terms as the previous agreement and the
pre-defined contract payments have been eliminated. With this new
business relationship, WuXi Bio believes it will be able to increase the
number of OmniAb antibodies it discovers for its clients in China and
around the world.

“This expanded agreement with WuXi Bio demonstrates the continued
success of our OmniAb platform, and illustrates the focus and ongoing
efforts by OmniAb partners to advance their OmniAb pipelines. There are
now eight OmniAb-derived antibodies at clinical-stage, and a number of
other programs are advancing as well,” said John Higgins, Chief
Executive Officer of Ligand. “This transaction also underscores the
significant value a key partner sees in the OmniAb platform, and we are
pleased to offer WuXi Bio this added flexibility as they discover
antibodies with our platform.”

2018 Full Year and Second Quarter Financial Guidance

Ligand updates previous guidance and now expects 2018 revenue to be
approximately $226 million, including royalties of approximately $116
million, license fees and milestones of approximately $87 million and
material sales of approximately $23 million, with the potential for up
to an additional $10 million in license fees and milestones.

Ligand is also updating its guidance for cash expenses for the year. Due
to the substantial increase in expected revenue for 2018, Ligand plans
to accelerate certain R&D spending on selected internal projects which
will result in revised 2018 cash expenses of $36 million to $38 million.
Ligand notes that with revenue of $226 million and the revised cash
expense guidance, adjusted earnings per diluted share would be
approximately $6.15.

This compares with previous guidance for 2018 revenue to be
approximately $184 million, including royalties of approximately $116
million, license fees and milestones of approximately $45 million and
material sales of approximately $23 million, with the potential for up
to an additional $20 million in license fees and milestones. Previous
cash expense guidance was $33 million to $35 million.

Ligand anticipates total revenue for the second quarter of 2018 to be
approximately $82 million to $84 million and adjusted earnings per
diluted share to be $2.32 to $2.37.

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 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.

Adjusted Financial Measures

This news release includes guidance on adjusted diluted earnings per
share. Ligand only provides guidance on diluted earnings per share on an
adjusted basis and does not provide reconciliations of such
forward-looking adjusted measures to GAAP net earnings due to the
inherent difficulty in forecasting and quantifying certain amounts that
are necessary for such reconciliation, including adjustments that could
be made for changes in contingent liabilities, net losses of Viking
Therapeutics, stock-based compensation expense, mark-to-market
adjustments for amounts owed to licensors, effects of any discrete
income tax items and fair value adjustments to Viking Therapeutics
convertible note receivable. Management has excluded the effects of
these items in its adjusted measures to assist investors in analyzing
and assessing Ligand’s past and future core operating performance.
Additionally, adjusted diluted earnings per share is a key component of
the financial metrics utilized by the Company’s board of directors to
measure, in part, management’s performance and determine significant
elements of management’s compensation.

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
amended license agreement with WuXi Bio under which Ligand expects to
receive a $47 million upfront payment and may receive future royalties;
WuXi Bio’s expectations that it will be able increase the number of
antibodies it discovers and outlicenses; the number of OmniAb-derived
antibodies in development; Ligand’s future revenue, and guidance
regarding the second quarter and full-year 2018 financial results.
Actual events or results may differ from Ligand’s expectations due to
risks and uncertainties inherent in Ligand’s business, including,
without limitation: there can be no assurances that WuXi Bio will
successfully develop or outlicense antibodies using the OmniAb platform
or that companies who license such antibodies will successfully develop
or market such antibodies; Ligand may not receive expected revenue from
royalties, Captisol material sales and license fees and milestone
revenue; Ligand and its partners may not be able to timely or
successfully advance any product(s) in its internal or partnered
pipeline; Ligand may not achieve its guidance for 2018 or any portion
thereof or beyond, including the second quarter; Ligand’s second quarter
and full year 2018 revenues may not be at the levels as currently
anticipated; Ligand may not generate expected revenues under its
existing license agreements and may experience significant costs as the
result of potential delays under its supply agreements; Ligand and its
partners may experience delays in the commencement, enrollment,
completion or analysis of clinical testing for its product candidates,
or significant issues regarding the adequacy of its clinical trial
designs or the execution of its clinical trials, which could result in
increased costs and delays, or limit Ligand’s or it partners’ ability to
obtain regulatory approval; and unexpected adverse side effects or
inadequate therapeutic efficacy of Ligand’s or its partners’ product(s)
could delay or prevent regulatory approval or commercialization. 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
(858)
550-7893
investors@ligand.com
@Ligand_LGND
or
LHA
Investor Relations
Bruce Voss
(310) 691-7100
bvoss@lhai.com

Source: Ligand Pharmaceuticals Incorporated

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