Ligand earns $5.8M milestone payment following FDA approval of Ohtuvayre

Ligand (LGND) announced that its partner Verona Pharma (VRNA) has received approval from the FDA for Ohtuvayre. Ohtuvayre is the first inhaled product with a novel mechanism of action available for the maintenance treatment of chronic obstructive pulmonary disease in adult patients in more than 20 years. Ligand has earned a $5.8M milestone payment upon FDA approval of Ohtuvayre and will earn an additional $13.8 million upon its commercial launch which is expected to occur during the third quarter of 2024. Ligand is entitled to a low single-digit royalty on worldwide net sales of Ohtuvayre.