Ligand receives $2 million from Merck partnership

AP News
Posted: Nov 19, 2009 1:23 PM

Ligand Pharmaceuticals Inc. said Thursday it received a $2 million milestone payment from Merck & Co. as part of a research collaboration.

The company said the partnership covers a range of research programs. It is due to expire at the end of December.

Ligand had revenue of $27.3 million in 2008. The company makes the pain treatment Avinza.

Shares of Ligand fell 12 cents to $2.24 in midday trading.