Ligand deal

SmithKline will provide up to $21.5 million in research funding and equity payments to LGND, which includes the purchase of $5 million newly issued LGND shares at the average market price over a trading period specified in the agreement. LGND has 17.9 million shares outstanding prior to the investment.

The pharma company also will provide undisclosed milestone payments. In return, SmithKline received worldwide rights to the products resulting from the collaboration in certain targeted areas. LGND will receive double-digit royalties. ...