Ligand Pharmaceuticals Shares Rise 7% After FDA Approves Vaxneuvance
July 19 2021 - 1:59PM
Dow Jones News
By Chris Wack
Ligand Pharmaceuticals Inc. shares were up 7% at $120.70 after
the company said its partner, Merck, has received approval from the
U.S. Food and Drug Administration for Vaxneuvance for the
prevention of invasive disease caused by Streptococcus pneumoniae
in adults 18 years of age and older.
The company said Vaxneuvance is a 15-valent pneumococcal vaccine
using its CRM197 vaccine carrier protein, which is produced using
the patent-protected Pelican Expression Technology platform.
Under the terms of its licensing agreement with Merck, Ligand
earned a $2 million milestone payment upon the FDA's approval of
Vaxneuvance and is entitled to a low-single-digit royalty on net
product sales.
Merck plans to submit a supplemental regulatory licensure
application with the FDA later this year for the use of Vaxneuvance
in children.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
July 19, 2021 13:49 ET (17:49 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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