Ligand Signs License Agreement with Ethicor for Oral Lasofoxifene

  Ligand Signs License Agreement with Ethicor for Oral Lasofoxifene

Business Wire

SAN DIEGO -- July 24, 2013

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) announces the signing of a
license agreement with Ethicor Pharma Ltd. for the manufacture and
distribution of the oral formulation of lasofoxifene in the European Economic
Area, Switzerland and the Indian Subcontinent. Under the terms of the
agreement, Ligand is entitled to receive potential sales milestones and a
double digit royalty on future net sales.

Ethicor plans to supply oral lasofoxifene as an unlicensed medicinal product,
which may be requested by healthcare professionals to meet the clinical needs
of patients when authorized medicines are unsuitable or contraindicated. In
the European Union, there are approximately 37 million women suffering with
osteoporosis.

“This agreement with Ethicor represents another potentially valuable
shot-on-goal for Ligand, and our second license agreement for lasofoxifene
this week,” commented John Higgins, President and Chief Executive Officer of
Ligand. “Osteoporosis represents a large unmet medical need for women, and we
are pleased that lasofoxifene could potentially provide women with an
additional treatment option. We are pleased to be partnered with Ethicor on
this important program, and we believe they are uniquely qualified to
commercialize this product in this specialized market.”

About Oral Lasofoxifene

Lasofoxifene is an estrogen partial agonist for osteoporosis treatment and
other diseases that was discovered through the research collaboration between
Ligand and Pfizer that began in 1991. The oral, 0.5 mg form of lasofoxifene
tartrate was developed by Pfizer under the trade name Fablyn^®, and progressed
through regulatory approval in the EU. After Pfizer acquired Conbriza^®
(bazedoxifene), a similar SERM program, from its acquisition of Wyeth, rights
to all forms of lasofoxifene reverted to Ligand in early 2011. Pfizer retains
all rights to the Fablyn trademark.

About Ethicor

Ethicor PharmaLtd (“Ethicor”) is a specialtypharmaceutical company committed
tothe development and distribution of unlicensedmedicinal products
('specials') on request fromhealthcare professionals to meet the clinical
needs of individual patients when authorized medicines are not a suitable
orappropriate treatment option. ‘Specials’ are unlicensed medicines that are
produced in limited or medium bulk quantities and are primarily used for the
unmet clinical needs of an individual doctor’s patient, particularly where
authorized medicines are inappropriate or simply not available. Ethicor is
active in markets worldwide excluding the US and has a portfolio of both
generic and IP protected unlicensed products. Please visit
www.ethicorpharma.com for more information on Ethicor.

About Ligand Pharmaceuticals

Ligand is a biopharmaceutical company that develops and acquires assets it
believes will generate royalty revenues and, under its lean corporate cost
structure, produce sustainable profitability. Ligand has a diverse asset
portfolio addressing the unmet medical needs of patients for a broad spectrum
of diseases including thrombocytopenia, multiple myeloma, diabetes, hepatitis,
muscle wasting, dyslipidemia, anemia and osteoporosis. Ligand’s Captisol^®
platform technology is a patent-protected, chemically modified cyclodextrin
with a structure designed to optimize the solubility and stability of drugs.
Ligand has established multiple alliances with the world's leading
pharmaceutical companies including GlaxoSmithKline, Onyx Pharmaceuticals,
Merck, Pfizer, Baxter International, Bristol-Myers Squibb, Celgene, Lundbeck
Inc., Eli Lilly & Co., Spectrum Pharmaceuticals and The Medicines Company.
Please visit www.captisol.com for more information on Captisol and
www.ligand.com for more information on Ligand.

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 clinical development of oral
lasofoxifene, market size and possibility of commercial success in the
licensed territory, competitiveness and the strength of Ligand's product
portfolio. Actual events or results may differ from our expectations. For
example, there can be no assurance that oral lasofoxifene will be successfully
marketed as an unlicensed medicinal product in the licensed territory, that
there will be a market of any size for oral lasofoxifene or that oral
lasofoxifene will be beneficial to patients. The failure to meet expectations
with respect to any of the foregoing matters may have a negative effect on
Ligand's stock price. Additional information concerning these and other risk
factors affecting Ligand's business can be found in prior press releases
available via www.ligand.com as well as in Ligand's public periodic filings
with the Securities and Exchange Commission at www.sec.gov. Ligand disclaims
any intent or obligation to update these forward-looking statements beyond the
date of this release. This caution is made under the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.

Contact:

Ligand Pharmaceuticals Incorporated
John Higgins, President and CEO
Jennifer Capuzelo, Investor Relations
858-550-7584
jcapuzelo@ligand.com
or
LHA
Don Markley, 310-691-7100
dmarkley@lhai.com