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Ligand Signs Global License Agreement With Spectrum Pharmaceuticals For Captisol-Enabled® Melphalan

Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announces the signing of global license and supply agreements with Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) for the development and commercialization of Ligand’s Captisol-enabled ®, propylene glycol-free (PG-free) melphalan. Under the terms of the license agreement, Ligand is entitled to receive a license fee and is eligible to receive more than $50 million in potential milestone payments. Ligand is also eligible to receive royalties on future net sales of Captisol-enabled melphalan. Further details regarding the transaction are provided in Ligand’s Form 8-K that is being filed today.

The Captisol-enabled melphalan program is currently in a pivotal trial for use as a conditioning treatment prior to autologous stem cell transplant for patients with multiple myeloma. Spectrum will immediately assume all development of the program as a result of this license.

“We are pleased to have forged this agreement,” commented John Higgins, President and Chief Executive Officer of Ligand Pharmaceuticals. “Spectrum has an established oncology and hematology business, and this melphalan product is an ideal complement to their two commercial hematology products, Zevalin and Folotyn, including an expected high degree of commercial call overlap. Spectrum’s highly experienced, oncology-focused R&D team is committed to the efficient development of Captisol-enabled melphalan, and has established relationships with key investigators.”

Full Year 2013 Revenue and Earnings Guidance and First Quarter Forecast

Ligand now expects 2013 total revenues to be in the range of $43 million to $46 million, versus previous guidance of $41 million to $44 million. Earnings per share for 2013 are expected to be in the range of $0.47 to $0.51, versus previous guidance of $0.35 to $0.39. Ligand estimates revenue for the first quarter of 2013 to be in the range of $10 million to $11 million, with first quarter earnings per share in the range of $0.10 to $0.13. Earnings per share guidance does not include the effects of any increase or decrease in contingent liabilities.

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