Merck (MRK) said late Monday that it has received approval from the US Food and Drug Administration for Capvaxive to prevent invasive pneumococcal disease and pneumococcal pneumonia among adults.
Ligand Pharmaceuticals (LGND), a collaborator of Merck's, said Tuesday that the FDA's approval triggers a $2 million milestone payment for Ligand and is entitled to a royalty on worldwide net sales.
"We believe this asset will be an important contributor to our portfolio, which includes more than 25 commercial products including two marketed by Merck," Ligand Chief Executive Todd Davis said in a statement.
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