Ligand Pharmaceuticals Inc. (NASDAQ:LGND) inked a global licensing and supply agreement with Spectrum Pharmaceuticals Inc. (NASDAQ:SPPI) to create Ligand’s Captisol-enabled melphalan for use as an element of multiple myeloma transplant programs, an agreement possibly worth at over $53 million.
Ligand (LGND) also lifted its outlook for the year as it estimated higher than predicted first-quarter results. According to the deal, Ligand would get a $3 million licensing fee, possible milestone payments of above $50 million and royalties on sales from any items that hit the stores.
For the present quarter, the firm (LGND) estimated per-share earnings of 10 cents to 13 cents on sales of $10 million to $11 million. Experts surveyed by Thomson Reuters most lately predicted a per-share loss of a penny and sales of $8 million.
At the current trading session, Ligand Pharmaceuticals Inc. (NASDAQ:LGND) shares are up +0.64% to $22.00 while the stocks are trading within the range of $21.67 – $22.70. In the past year, the stock has traded within a range of $11.21 – $23.16. The current session’s volume of 43,276.00 shares is lower from their average daily trading volume of 96,318.00 shares.
Spectrum (SPPI), in the meantime, reported that it would assume accountability for the ongoing pivotal clinical trial and for filing a latest drug application, which is predicted in the initial half of 2014 with potential commercial release the next year.
Spectrum Pharmaceuticals Inc (NASDAQ:SPPI) shares are up +0.90% to $7.80 while the stock is trading within the range of $7.79– $7.97 in the current trading session. In the last 12 months the shares have traded between $7.72 and $17.48. The current session’s volume of 1.17 million shares is lower from their average daily trading volume of 1.50 million shares.
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