Ligand, Royalty Pharma Conclude Agreement for Rights/Options Tied to Future SERM Royalty Streams

Payments of up to $56 Million Enable Additional Investments in R&D 2002-2004

San Diego, CA, March 6, 2002 – Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) announced today an agreement with Royalty Pharma AG, which has purchased rights to a share of future payments from Ligand’s collaborative partners’ sales of three selective estrogen receptor modulator (SERM) products now in Phase III development.

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