San Diego Business Journal

San Diego’s Ligand Pharmaceuticals Inc. has licensed its proprietary cancer treatment to Irvine-based Spectrum Pharmaceuticals Inc.

Under the licensing and supply agreements, Ligand could receive more than $50 million in potential milestone payments, the company said, in a release.

Ligand has been testing the product, called Captisol-enabled melphalan, for its efficacy in treating cancer patients with multiple myeloma. Under the new license, Spectrum will from here on assume all development of what the company called a “pivotal trial.”

Ligand said in the release that it has updated its expected 2013 revenues to be in the range of $43 million to $46 million. Previously it expected to earn between $41 to $44 million, Ligand said.

— SDBJ Staff Report