San Diego-based Ligand Pharmaceuticals Inc. announced Tuesday the signing of a license agreement with Sermonix Pharmaceuticals LLC for the development and commercialization of oral lasofoxifene.

Under the terms of the agreement, Ligand has received an undisclosed initial payment and is entitled to receive up to $45 million in potential regulatory and commercial milestone payments and tiered royalties of 6 percent to 10 percent on future net sales.

Lasofoxifene is an estrogen-partial agonist for the treatment of osteoporosis and other diseases.

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