Ligand saves $15M CVR as it licenses DARA to Retrophin
This article was originally published in Scrip
Executive Summary
Ligand Pharmaceuticals has licensed the rights to DARA (a dual acting receptor antagonist of angiotensin and endothelin receptors) to Retrophin and because the deal was completed after year-end 2011, Ligand has saved itself some $15 million. Ligand acquired DARA when it bought Pharmacopeia in 2008. The timing of the recent deal means that Ligand does not have to pay Pharmacopeia's former stockholders a payout for contingent value rights (CVRs) linked to DARA which were a part of the original acquisition deal.