Despite major licensing deals and an FDA approval last year, Ligand Pharmaceuticals ended the year with a net loss of $98.1 million on revenues of $27.3 million because of expenses related to the purchase of New Jersey-based Pharmacopeia.
A year ago, Ligand closed the year with a net income of $282 million.
Ligand, developer of the painkiller Avinza and Promacta for low platelet levels, completed the acquisition of Pharmacopeia in December in a cash and stock deal valued at $70 million.
“2008 was a very successful year for Ligand,” CEO John Higgins told investors. “We had an ambitious plan and finished the year with many positive developments that we believe will transform the company.”
In December, Ligand granted GlaxoSmithKline exclusive rights to Promacta in a deal valued at $163 million plus royalties. The FDA approved the drug in November. It is the first oral medication to increase platelet production for people with serious blood disorder.
As of Dec. 31, the company reported it had $82 million in cash, cash equivalents and investments. Ligand said it expects 2009 revenue to rise to $30 million to $34 million from approximately $27 million in 2008.
, Heather Chambers
