LIGAND PHARMACEUTICALS INCORPORATED (NASDAQ:LGND) Files An 8-K Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Item 2.04.Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

Item 8.01.Other Items.

As previously announced, on March 5, 2018 Ligand Pharmaceuticals Incorporated (“Ligand”) and Roivant Sciences GmbH (“Roivant”) entered into a License Agreement (the “License Agreement”) to which Ligand granted to Roivant an exclusive royalty-bearing license under patents related to Ligand’s Glucagon Receptor Antagonist (“GRA”) program, including the lead compound LGD-6972, and related know-how.

Prior to entering into the License Agreement, Ligand had acquired Metabasis Therapeutics, Inc. (“Metabasis”) on January 27, 2010. The consideration paid to the former Metabasis stockholders included an aggregate of 35,147,294 “Glucagon” contingent value rights (“Glucagon CVRs”). Holders of the Glucagon CVRs are entitled to payments, pro rata and after certain defined reductions, of 20% of any cash proceeds received in connection with licensing of the Glucagon program under agreements entered into after January 27, 2018 but before January 27, 2020.

On April 2, 2018, Ligand sent Computershare Inc., as Rights Agent under the Glucagon CVR Agreement (the “Rights Agent”), an achievement certificate certifying that the holders of Glucagon CVRs are entitled to receive pro rata $3,841,931.12. On July 2, 2018, the Rights Agent shall distribute the $3,841,931.12 pro rata (i.e., approximately $0.1093 cash for each Glucagon CVR) to the holders as of June 27, 2018 of the Glucagon CVRs.

About LIGAND PHARMACEUTICALS INCORPORATED (NASDAQ:LGND)

Ligand Pharmaceuticals Incorporated (Ligand) is a biopharmaceutical company that focuses on developing and acquiring technologies that help pharmaceutical companies discover and develop medicines. The Company employs research technologies, such as nuclear receptor assays, high throughput computer screening, formulation science, liver targeted pro-drug technologies and antibody discovery technologies to assist companies in their work toward obtaining prescription drug approvals. It has have partnerships and license agreements with over 85 pharmaceutical and biotechnology companies, and over 140 different programs under license with it are in various stages of commercialization and development. Its partners have programs in clinical development targeting seizure, coma, cancer, diabetes, cardiovascular disease, muscle wasting, liver disease and kidney disease, among others. It is developing a small molecule glucagon receptor antagonist for the treatment of Type II diabetes mellitus.