Ligand Pharmaceuticals Inc. announced the signing of a commercial license agreement with Atlanta, Georgia-based Avion Pharmaceuticals LLC for the development and commercialization of four Captisol-enabled programs.

Under the terms of the agreement, Ligand (NASDAQ: LGND) is entitled to receive an upfront payment and is eligible to receive revenue from Captisol material sales, potential milestone payments and royalties on future net sales of the products containing Captisol.

Captisol is a chemically modified cyclodextrin with a structure designed to optimize the solubility and stability of drugs.

“Ligand continues to expand its portfolio of assets to deliver value to shareholders,” said Ligand’s President and CEO John Higgins in a statement. “This partnership also demonstrates new demand for Captisol in both oral and topical administration, adding to the position Captisol has established in enabling injectable products.”

Ligand recently announced plans to offer $225 million in senior convertible notes. In May, the company announced a licensing agreement with Viking Therapeutics.

In June, Ligand announced a licensing deal with TG Therapeutics.

Ligand is a biopharmaceutical company that develops and acquires assets it determines will likely generate royalty revenue and profitability.