Ligand expands Palvella partnership for QTORIN rapamycin; $5M upfront, higher royalty

LIGAND PHARMACEUTICALS INC

Ligand pays $5M upfront; royalty on QTORIN rapamycin raised to 8.0%-9.8% of net sales.
Palvella's right to reduce royalties eliminated; Ligand gets security interest in royalties and patents.
Ligand receives option to acquire a single-digit royalty on US sales of any novel QTORIN platform product.
QTORIN rapamycin Phase 2: 100% of patients (n=12) 'Much/Very Much Improved'; FDA Breakthrough Therapy Nov 2023.
Phase 3 pivotal trial planned in ~50 patients for Microcystic LMs (no approved treatments, >30,000 US patients).

Key facts

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LIGAND PHARMACEUTICALS INC amended Amendment No. 2 to Development Funding and Royalties Agreement with Palvella Therapeutics, Inc. valued at upfront payment of $5 million; increased tiered royalty between 8.0% and 9.8% based on annual aggreg (effective 2023-11-29).

Action: amendment
Agreement: license
Counterparty: Palvella Therapeutics, Inc.
Value: upfront payment of $5 million; increased tiered royalty between 8.0% and 9.8% based on annual aggreg
Effective: 2023-11-29

Exact text from the filing

According to the terms of the Amendment No. 2 to Development Funding and Royalties Agreement, dated as of November 29, 2023 (the "Amendment"), between Ligand and Palvella, Palvella received an upfront payment of $5 million from Ligand.

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Source: SEC EDGAR

accession 0000886163-23-000092

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