earned a $1 million milestone payment from Schering-Plough
related to the progress of Schering-Plough’s inhibitor of b-site of APP cleaving enzyme (BACE) for the treatment of Alzheimer's disease.
The milestone payment arises from a drug discovery agreement between Schering-Plough and Pharmacopeia (acquired by Ligand), wherein Pharmacopeia contributed to Schering-Plough’s medicinal chemistry optimization programs.
Under the terms of the collaboration agreement, Ligand is eligible to receive additional payments from Schering-Plough upon the achievement of certain development and regulatory milestones. Ligand is also eligible to receive royalties on potential sales of the drug. In addition to the BACE program, the collaboration with Schering-Plough has resulted in several Phase I and II programs in multiple therapeutic areas.