Ligand, Spectrum Pharmaceuticals in Global License Agreement

Ligand Pharmaceuticals Incorporated

announces the signing of global license and supply agreements with Spectrum Pharmaceuticals, Inc.

for the development and commercialization of Ligand's Captisol-enabled®, propylene glycol-free (PG-free) melphalan. Under the terms of the license agreement, Ligand is entitled to receive a license fee and is eligible to receive more than $50 million in potential milestone payments. Ligand is also eligible to receive royalties on future net sales of Captisol-enabled melphalan. Further details regarding the transaction are provided in Ligand's Form 8-K that is being filed today. The Captisol-enabled melphalan program is currently in a pivotal trial for use as a conditioning treatment prior to autologous stem cell