Ligand and Medicines Company Agree to Worldwide License for Proprietary Captisol®-Enabled Intravenous Formulation of Clopidogrel

Ligand Pharmaceuticals Incorporated

and The Medicines Company

announced today a licensing agreement under which Ligand has licensed exclusive worldwide rights to The Medicines Company for Ligand's Captisol®-enabled intravenous formulation of clopidogrel. Clopidogrel is the active ingredient in PLAVIX®, the world's leading anti-platelet medication which is currently only available in an oral formulation. The Captisol-enabled clopidogrel formulation is designed to provide an intravenous option in situations where the administration of oral platelet inhibitors is not feasible or desirable. Ligand will receive an upfront payment of $1.75 million plus be eligible to receive up to $22 million in milestones and up to double digit royalties on annual worldwide net sales. In addition, Ligand will also supply clinical and commercial materials of Captisol for this program, and if the intravenous formulation is approved for commercialization, Ligand will be the exclusive supplier of the product.