Ligand: Glaxo Receives Priority Review for Eltrombopag's Supplemental NDA

Date : 07/25/2012 @ 9:26AM
Source : Dow Jones News
Stock : Merck & Company (New) (MRK)
Quote : 62.82  0.52 (0.83%) @ 1:20PM

Ligand: Glaxo Receives Priority Review for Eltrombopag's Supplemental NDA

Ligand Pharmaceuticals Incorporated (MM) (NASDAQ:LGND)
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   By Victoria Stilwell 
 

Ligand Pharmaceuticals Inc. (LGND) said the U.S. Food and Drug Administration granted its partner, GlaxoSmithKline PLC (GSK), priority review of the supplemental new drug application for its eltrombopag drug, which treats thrombocytopenia in patients with chronic hepatitis C virus infection.

Eltrombopag, known by the brand name Promacta in the U.S., is currently approved in 89 countries as a treatment for patients with chronic immune thrombocytopenia. Thrombocytopenia is a condition in which a patient's blood has a lower-than-normal number of platelets, allowing mild to serious bleeding to occur inside the body or underneath or from the skin. The drug is used to increase the number of cells that help the blood clot in order to decrease the risk of bleeding.

Ligand is a biopharmaceutical company that aims to develop or acquire diverse, royalty-revenue-generating assets and couple them with a lean corporate cost structure. Ligand has also partnerships with companies including Merck & Co. (MRK), Pfizer Inc. (PFE) and Eli Lilly & Co. (LLY).

Shares of Ligand closed Tuesday at $17.61 and were inactive in premarket trade. The stock is up 48% so far this year.

Write to Victoria Stilwell at Victoria.Stilwell@dowjones.com

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