Ligand Pharmaceuticals Shares Rise After FDA Approves Vaxneuvance

 Ligand Pharmaceuticals Inc. shares were up 7% at $120.70 after the company said its partner, Merck, has received approval from the U.S. Food and Drug Administration for Vaxneuvance for the prevention of invasive disease caused by Streptococcus pneumoniae in adults 18 years of age and older.

The company said Vaxneuvance is a 15-valent pneumococcal vaccine using its CRM197 vaccine carrier protein, which is produced using the patent-protected Pelican Expression Technology platform.

Under the terms of its licensing agreement with Merck, Ligand earned a $2 million milestone payment upon the FDA's approval of Vaxneuvance and is entitled to a low-single-digit royalty on net product sales.

Merck plans to submit a supplemental regulatory licensure application with the FDA later this year for the use of Vaxneuvance in children.

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