Ligand up after FDA nod for partner Janssen's blood cancer therapy

Ligand Pharmaceuticals Incorporated

26/10/2022 18:43

** Shares of biopharma co Ligand Pharmaceuticals Inc
 LGND.O  rise 2.4% to $89.45 after U.S. FDA approves Janssen
Biotech's therapy teclistamab for the treatment of patients with
relapsed or refractory multiple myeloma
    ** Janssen Biotech is a part of Johnson & Johnson  JNJ.N  
    ** Teclistamab, branded as Tecvayli, was developed by
Janssen using LGND's unit OmniAb Inc's  OABIV.O  antibody
discovery technology  urn:newsml:reuters.com:*:nBw61YF6Ta
    ** OmniAb will be eligible to receive a $25 mln milestone
payment upon the first commercial sale of Tecvayli in the U.S.
    ** Tecvayli is a bispecific antibody, engineered to redirect
the body's immune system to recognize and kill cancer cells
 urn:newsml:reuters.com:*:nL4N31Q409 
    ** Earlier this year, LGND entered into a deal to spin-off
OmniAb, which LGND says remains on track to close by Nov. 1
 urn:newsml:reuters.com:*:nL3N2VQ3UW
    ** Including session's gain, stock down ~42% YTD
 (Reporting by Pratik Jain)
 ((Pratik.Jain@thomsonreuters.com;))