Boston, MA 09/29/2014 (wallstreetpr) – Ligand Pharmaceuticals Inc. (NASDAQ:LGND) declared that it will receive as much as $550,000 as milestone payment from Merck & Co., Inc. (NYSE:MRK), after the later gained approval for one of its drugs from the European Medicines Agency (EMA).
Merck, which is called MSD in countries other than the U.S. and Canada, announced that the EMA has granted it permission to market its drug NOXAFIL® to be used as a Concentrate (300 gm) for solution for infusion. Ligand Pharmaceuticals Inc. (NASDAQ:LGND) in turn becomes eligible to get $550,000 as milestone fee from Merck, an article reported. Ligand is seeking to sell Captisol to the pharmaceutical company to manufacture the newly approved drug. The two companies are already bonded with a commercial supply contract to facilitate the deal.
About NOXAFIL And Captisol
NOXAFIL is an innovative triazole antifugal substance which exhibits broad-spectrum activity that covers molds and yeast which are responsible for causing severe invasive fungal infections. The drug formulation is meant for intravenous injections. It is hence significant mainly for patients who are incapable of receiving any form of oral formulation. However, Merck also sells tablet formulations and oral suspension for the drug.
Captisol is a patented chemical modification of cyclodextrin and is structurally designed especially to optimize the stability and solubility of drugs. The technology has enabled six products gain the authorization of the US Food and Drug Administration. Ligand Pharmaceuticals Inc. (NASDAQ:LGND) has ties with several pharmaceutical companies to use Captisol in their drugs. As of now, there are over 50 more Captisol enabled products that are in development.
The EMA’s approval gives Merck & Co., Inc. (NYSE:MRK) the access to centralized marketing rights to sell NOXAFIL (posaconazole) with a unified labeling that is legitimate across all the 28 member countries of the European Union. In addition, the authorization also allows Merck to market the drug in countries that belong to the European Economic Area, Norway, Liechenstein, as well as Iceland.