Ligand regulatory update

The FDA granted marketing approval for LGND's Ontak fusion protein (denileukin diftitox DAB389IL-2) to treat persistent or recurrent cutaneous T cell lymphomas that express the CD25 component of the interleukin-2 receptor. LGND subsidiary Seragen Inc. (Hopkinton, Mass.), which will manufacture the product, will receive $37 million in either cash or LGND stock at LGND's option as a result of the approval. In addition, Eli Lilly (Indianapolis, Ind.), which held certain marketing rights to Ontak, will receive $5 million in either cash or LGND stock at LGND's option. ...