Ligand to Receive $2 Million Milestone Payment from Merck; Re-Affirms FY Forecast

Ligand Pharmaceuticals Incorporated

today announced that it will receive a $2 million milestone payment from Merck, known as MSD outside the United States and Canada, under the terms of a development and license collaboration for the development of dinaciclib. This milestone payment is triggered by the initiation of a Phase 2b/3 adaptive clinical trial for dinaciclib for the treatment of patients with refractory chronic lymphocytic leukemia (CLL). “We are pleased with dinaciclib's progress for the treatment of refractory CLL, as we feel it holds significant potential in oncology,” commented John Higgins, President and Chief Executive Officer of Ligand. “Today's announcement reinforces the strength of Ligand's business model, which is focused on drug discovery with a goal of entering high quality collaborations to advance candidates through late-stage development.” Full Year 2012 Revenue Forecast Affirming its previous revenue forecast, Ligand continues to expect full year 2012 total revenues to be approximately $30 million, with revenue in the third quarter now projected to be approximately $6 million, versus earlier guidance of approximately $8 million, and revenue in the fourth quarter now projected to be approximately $13 million, versus earlier guidance of approximately $11 million. About Dinaciclib and Refractory Chronic Lymphocytic Leukemia