Ovid Therapeutics and Ligand Pharma Ink a $30M Deal for a 13% Interest in Soticlestat Royalties and Milestones Extending Ovid's Cash Runway into 2026
Portfolio Pulse from Benzinga Newsdesk
Ovid Therapeutics Inc. (OVID) and Ligand Pharmaceuticals Incorporated (LGND) have announced a deal in which Ligand acquires a 13% portion of the royalties and milestones related to the potential approval and commercialization of soticlestat. Ovid will receive a $30 million payment in return, extending its cash runway into 2026.
October 18, 2023 | 12:04 pm
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NEUTRAL IMPACT
Ligand Pharmaceuticals has acquired a 13% portion of the royalties and milestones related to the potential approval and commercialization of soticlestat from Ovid Therapeutics.
While the acquisition of a 13% portion of the royalties and milestones related to soticlestat could potentially provide Ligand Pharmaceuticals with additional revenue in the future, the impact on the company's short-term stock price is uncertain as it depends on the potential approval and commercialization of soticlestat.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
Ovid Therapeutics will receive a $30 million payment from Ligand Pharmaceuticals, extending its cash runway into 2026.
The $30 million payment from Ligand Pharmaceuticals will significantly extend Ovid's cash runway, providing the company with additional financial stability and potentially boosting investor confidence.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100