Ligand Pharmaceuticals, Inc.

Medicines are the largest European exports to the US by value and the EU accounts for approximately 60% of all pharmaceutical imports to the US. Credit: Below the Sky via Shutterstock.com. The European Union (EU) will pay the US a tariff rate of 15% for pharmaceuticals as part of a new trade deal between the two countries, though uncertainty on future duties remains. The trade deal encompasses a wide variety of industries, including cars, timber, and aluminium. The White House did not reveal full details on the pharmaceutical import framework agreed with the EU, though said that the 15% tariff rate “fundamentally rebalances the economic relationship between the world’s two largest economies”. Pharmaceutical relations between the US and Europe have been tested this year as US President Donald Trump imposed blanket tariffs that have impacted medicine supply chains. Pharmaceutical products had previously been exempt from duties, but the industry was bracing for targeted duties due to US government investigations. Many multinational pharma companies have been vocal in their opposition to high levies and were even bracing themselves for a rate as high as 200%, as threatened by Trump. This remark was made in the wake of the initiation of the government’s Section 232 investigation into the drug sector, which is evaluating the role of medicine imports on national security. The outcome of the probe is due by August – it is unclear if Trump will add further duties. However, in a statement, European Commission (EC) President Ursula von der Leyen said Europe will not accept rate additions: “This 15% is a clear ceiling. No stacking. All-inclusive.” Medicines are the largest European exports to the US by value, and the EU accounts for approximately 60% of all pharmaceutical imports to the US. Top-selling drugs such as AbbVie’s Humira (adalimumab), MSD’s Keytruda (pembrolizumab), and Novo Nordisk’s Ozempic (semaglutide) are manufactured in Europe and sent to the US, meaning drugs that represent billion-dollar markets will be affected. GlobalData Strategic Intelligence US Tariffs are shifting - will you react or anticipate? Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis. By GlobalData Learn more about Strategic Intelligence According to US Pharmacopeia, a nonprofit that tracks the drug supply chain, Europe manufactures the active ingredients for 43% of brand-name drugs administered in the US. Whilst the tariff rate is a blanket levy that applies to branded products, certain generic drugs will be exempt. Neither the White House nor the EC responded to Pharmaceutical Technology when asked which generics would be immune to the agreement. Whilst the agreed 15% rate is lower than rates threatened by Trump earlier in the year, it still represents a setback to the global pharma industry. New import costs will likely add billions of dollars in expenses for drugmakers, which will likely be passed onto patients via higher drug costs. Analysts forecast that 15% levies could ramp up industry costs by $13bn to $19bn per year, according to Reuters . The European Federation of Pharmaceutical Industries and Associations (EFPIA) has maintained that tariffs on medicines are ineffective. “Tariffs on medicines are a blunt instrument that will disrupt supply chains, impact on investment in research and development, and ultimately harm patient access to medicines on both sides of the Atlantic,” the trade body said in a statement. The EFPIA added: “There are more effective means than tariffs that would help, rather than hinder, global advances in patient care and economic growth.” Reacting to the tariff rate more broadly, French Prime Minister François Bayrou said the EU had capitulated to Donald Trump, remarking it was a “dark day” for the EU. Some economic observers have commented that the UK could stand to benefit from the trade deal, as its tariff rate remains set at 10%. Pharmaceutical Technology Excellence Awards - The Benefits of Entering Gain the recognition you deserve! The Pharmaceutical Technology Excellence Awards celebrate innovation, leadership, and impact. By entering, you showcase your achievements, elevate your industry profile, and position yourself among top leaders driving pharmaceutical advancements. Don’t miss your chance to stand out—submit your entry today! Nominate Now

近日，默沙东宣布将以100亿美元收购Verona Pharma，这次收购瞄准的是Verona Pharma已上市的核心管线慢性阻塞性肺病（COPD）药物Ohtuvayre（Ensifentrine），这笔100亿美元的收购案也成为本年度生物制药第二大并购交易，仅次于强生公司今年1月收购Intra-Cellular的交易。在去年1月时，Verona Pharma还因为担心资金不足，主动向牛津金融和大力神资本借款4亿美元，没想到才过去一年多，公司就成为了溢价收购的标的物。成为收购目标的Verona Pharma本身的经历其实相当传奇，开发Ensifentrine本身耗费了公司20年左右的时间。20年开发漫长路Verona Pharma的开发历程可追溯至20世纪80年代。Ohtuvayre的前身由呼吸系统疾病药物开发先驱David Jack博士开发。Jack博士在GSK任职期间主导了沙丁胺醇等重磅药物的研发，他在1987年退休后继续探索兼具支气管扩张和抗炎功能的新型药物。而Ensifentrine就是他和他的研究团队探索得来的产物，其独特的PDE3/4双重抑制机制被认为具有突破性。2001年David Jack等人将Ensifentrine的专利授权给了Vernalis plc。随后一家2004年成立的初创企业Rhinopharma Ltd从Vernalis公司获得了该知识产权的权利。Rhinopharma是一家2004年成立于加拿大温哥华的初创企业，公司计划通过吸入剂形式开发Ensifentrine，首先针对过敏性鼻炎，随后扩展至哮喘，最终应用于慢性阻塞性肺病（COPD）2005年获得RPL554后，该公司于2006年重组并更名为Verona Pharma，随后开始持续推进该药物的临床研究。2006-2020年的14年间Verona确实启动了多项临床试验，但由于开发适应症分散，加之Verona支撑不起III期临床的巨额费用，导致进展缓慢。转折点不过，在这一背景下，2020年似乎成为了公司转型的分水岭，那年公司在纳斯达克上市，并从英国AIM市场退市。从现在的视角来看，从AIM退市确实是明智之举，纳斯达克的上市为公司提供了充裕的资金。同时2021年，公司与中国优锐医药达成独家协议，授权其在大中华区开发及商业化Ensifentrine，并启动Ⅲ期ENHANCE-CHINA试验，加速全球开发进程。纳斯达克上市的融合和优锐医药合作获得的收入给公司的III期临床提供了资金支持，Ensifentrine也没有辜负期望，2022年关键Ⅲ期试验成功。ENHANCE-2试验的顶线数据显示，Ensifentrine作为COPD附加疗法，显著改善肺功能（FEV1 AUC 0-12hr增加94mL，p<0.0001），并降低42%的中重度急性发作风险。而ENHANCE-1试验结果则进一步验证其疗效与安全性。2024年6月26日FDA正式批准Ohtuvayre上市，这是20多年来第一种用于COPD维持治疗的新型吸入疗法上市后Ohtuvayre的表现相当亮眼，截止2024年年末，Ohtuvayre产品销售相关的净销售额为4230万美元，而销售成本仅为260万美元（包含制造成本、库存间接成本和基于销售的特许权使用费）。而今年第一季度，Verona估计该药物处方量约2.5万例，实现销售额7130万美元，放量迅速。这或许也是这次默沙东看上Verona Pharma的原因，为了预防2028年K药专利期到来，Ohtuvayre可以未雨绸缪。分析师预测其年销售额最高或达40亿美元，成为默沙东新的增长引擎。参考来源：https://www.veronapharma.com/news-resources/news/https://www.biospace.com/deals/merck-makes-big-respiratory-play-with-10b-acquisition-of-veronahttps://en.wikipedia.org/wiki/Ensifentrine········

JUPITER, Fla., July 10, 2025 (GLOBE NEWSWIRE) -- Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) today announced that its partner Pelthos Therapeutics Inc. (NYSE American: PTHS) has commercially launched ZELSUVMI™ (berdazimer) topical gel 10.3%, the first and only FDA-approved at-home treatment for molluscum contagiosum. The Company has earned a $5 million milestone payment from Pelthos following the commercial launch of ZELSUVMI. “Molluscum impacts millions of people in the U.S., particularly children. We are thrilled to see that ZELSUVMI is now commercially available as it addresses a significant unmet need for these patients as the first at-home treatment for this highly contagious viral skin condition,” said Todd Davis, CEO of Ligand. “This milestone payment highlights the ongoing progress and significant value of our partnered programs as well as the strength of our business model, which is built on innovation, strategic collaboration, and long-term value creation for our shareholders.” Following the completion of the merger between Pelthos Therapeutics and Channel Therapeutics in July 2025, Ligand now owns 56% of Pelthos. Additionally, under the terms of the license agreement with Pelthos, Ligand is entitled to a 13% royalty on worldwide sales of ZELSUVMI and up to an additional $5 million in commercial sales milestones. About ZELSUVMI™ (berdazimer) topical gel, 10.3%ZELSUVMI (berdazimer) topical gel, 10.3% is a nitric oxide (NO) releasing agent indicated for the topical treatment of molluscum contagiosum in adults and pediatric patients one year of age and older. ZELSUVMI received a novel drug designation from the U.S. Food and Drug Administration in 2024 and is the first and only approved topical prescription medication that can be applied by patients, parents, or caregivers at home, outside of a physician's office, or other medical setting to treat this highly contagious viral skin infection. The product was developed using the proprietary nitric oxide-based technology platform, NITRICIL™, now owned by Ligand. Complete prescribing information and important safety information is available at www.zelsuvmi.com. About Ligand PharmaceuticalsLigand is a biopharmaceutical company enabling scientific advancement through supporting the clinical development of high-value medicines. Ligand does this by providing financing, licensing our technologies or both. Our business model seeks to generate value for stockholders by creating a diversified portfolio of biotech and pharmaceutical product revenue streams that are supported by an efficient and low corporate cost structure. Our goal is to offer investors an opportunity to participate in the promise of the biotech industry in a profitable and diversified manner. Our business model is based on funding programs in mid- to late-stage drug development in return for economic rights, purchasing royalty rights in development stage or commercial biopharmaceutical products and licensing our technology to help partners discover and develop medicines. We partner with other pharmaceutical companies to attempt to leverage what they do best (late-stage development, regulatory management and commercialization) in order to generate our revenue. We operate two infrastructure-light royalty generating technology IP platform technologies. Our Captisol® platform technology is a chemically modified cyclodextrin with a structure designed to optimize the solubility and stability of drugs. Our NITRICIL™ platform technology facilitates tunable dosing, permitting an adjustable drug release profile to allow proprietary formulations that target a broad range of indications. We have established multiple alliances, licenses and other business relationships with the world’s leading pharmaceutical companies including Amgen, Merck, Pfizer, Jazz, Gilead Sciences and Baxter International. For more information, please visit www.ligand.com. Follow Ligand on X and LinkedIn. We use our investor relations website and X as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Investors should monitor our website and our X account, in addition to following our press releases, SEC filings, public conference calls and webcasts. Contacts Investors:Melanie Hermaninvestors@ligand.com(858) 550-7761 Media: Kellie Walshmedia@ligand.com (914) 315-6072