Ligand Pharmaceuticals transferred exclusive license rights to Proximagen for a series of compound hits related to the CXCR4 target. The companies believe that the molecules have application in a number of indications including those related to the central nervous system.
Ligand will receive an upfront payment and is entitled to future milestone fees and royalties. “This agreement with Proximagen partially monetizes a program acquired in our 2008 acquisition of Pharmacopeia and restarts another research collaboration with significant commercial potential in Ligand’s portfolio of fully funded and royalty-bearing programs,” says John L. Higgins, president and CEO of Ligand Pharmaceuticals.
The transfer of exclusive rights was made under a novation agreement that stems from a 2004 drug discovery alliance between Pharmacopeia and Swedish Orphan Biovitrum, whereby the former’s compound library was used to identify and optimize leads. By virtue of the novation agreement, Proximagen becomes a party to the 2004 agreement in place of Swedish Orphan Biovitrum with respect to the CXCR4 compounds.
Proximagen is focused on treatments for disorders of the central nervous system. It was founded in 2003 as a spin-out from King’s College London.