Ligand, Royalty Pharma Amend SERM Royalty Agreement

Royalty Pharma Accelerates and Increases Royalty Purchase to $32.5 Million as Substitute for Final Two Options

San Diego, CA, and New York, NY, November 9, 2004 – Ligand Pharmaceuticals (Nasdaq: LGND) and Royalty Pharma have amended their royalty agreement for three selective estrogen receptor modulator (SERM) products nearing final stages of development, the companies announced today.

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