Milestone & Royalty Rights to PTX-022 Bought by Ligand Pharma (LGND)

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Ligand Pharma (LGND) has purchased the rights to PTX-022 from Palvella Therapeutics.

PTX-022 is a novel, topical formulation of rapamycin currently in Phase 2/3 development for the treatment of pachyonychia congenita (PC), a rare skin disorder for which no FDA-approved treatment exists.

Ligand will pay $10 million to Palvella Therapeutics and in return will receive a tiered royalty on net sales in the mid-to-upper single digits, as well as regulatory and financing milestones. Ligand will not incur any expenses to develop or commercialize PTX-022.

PC is a serious, chronically debilitating genetic disorder that results in malformation of the skin and severely limits the mobility and quality-of-life of those affected. PTX-022 has received Fast Track and Orphan Drug designations from the U.S. Food and Drug Administration (FDA).

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