UPDATE: Avion Pharma Reports Signing of Commercial License Deal with Ligand Pharma for Development, Commercialization of Four Captisol-Enabled Programs, Ligand Entitled to Upfront Payment

Avion Pharmaceuticals, LLC, announces the signing of a commercial license agreement with Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) for the development and commercialization of four Captisol-enabled programs. Under the terms of the agreement, Ligand is entitled to receive an up-front payment, and is eligible to receive revenue from Captisol® material sales, potential milestone payments, and royalties on future net sales of the products containing Captisol®."We are very pleased to formalize this new partnership with Ligand and the opportunities this provides Avion. The Captisol® license agreement allows for continued expansion of our product portfolio and also helps optimize our product formulations, product performance and ultimately, prescriber and patient satisfaction," stated Mike Sullivan, President of Avion Pharmaceuticals. "Captisol® will profoundly enrich Avion's future product development strategies."Avion CEO Mark Pugh added, "The addition of Captisol® to Avion's product portfolio helps advance our mission to become the leading Women's Health specialty pharmaceutical company in the US by providing products that deliver maximum benefit along the continuum of care in women's lives."