Ligand Pharmaceuticals Incorporated · NASDAQ:LGND
Ligand Pharmaceuticals — Investor Day (June 2011)
93 slides from Ligand Pharmaceuticals's investor day presentation, Jun 24, 2011
Slide 1: Investor and Analyst Day
Investor and Analyst Day June 23, 2011 Nasdaq: LGND Exhibit 99.1
Slide 2: Investor and Analyst Day
Investor and Analyst Day John Higgins President and Chief Executive Officer
Slide 3: Safe Harbor Statement
Safe Harbor Statement • The following presentation contains forward-looking statements regarding Ligand’s prospects, plans and strategies, drug development programs and collaborations. Forward- looking statements include financial projections, expectations regarding research and development programs
Slide 4: Investor and Analyst Day Agenda
Investor and Analyst Day Agenda Welcome and Company Overview John Higgins Captisol ® Technology Matt Foehr Melphalan Program Rick White Promacta Highlights Rob McKay Thrombocytopenia in Hep C Nezam H. Afdhal, M.D. Chief of Hepatology, Director of Liver Center, Beth Israel Deaconess Medical Center Fi
Slide 5: Small-Group Workshops
Small-Group Workshops 1. Captisol ® – Powerful Enabling Technology Matt Foehr – Executive Vice President, Chief Operating Officer JD Pipkin – Senior Director, New Product Development Vince Antle – Senior Director, Technical Operations and Quality Assurance 2. “Shots-on-Goal” Portfolio Rob McKay – Se
Slide 6: Ligand's Business Model
Ligand's focus is to build a large portfolio of high quality pharmaceutical assets that can drive substantial cash flow and profitability. We operate the business with an emphasis on focused drug development and partnerships, with a disciplined and highly selective cost structure. Ligand’s Business
Slide 7: The Foundation of the Ligand Opportunity
Revenue Outlook Robust Pipeline Captisol ® – Enabling Technology High Quality Partners The Foundation of the Ligand Opportunity
Slide 8: Ligand is Doing Great
Ligand is Doing Great • Significant expansion (doubling of portfolio to over 60 programs) in past 6 months as a result of Cydex acquisition • A number of positive news events by partners in 2011 • Important new additions to senior management and Board of Directors • Most revenue generating assets ev
Slide 9: The Investment Proposition: Risk vs. Reward
We believe the upside reward is substantially greater than the downside risk Ligand’s Potential Downside Individual project set-backs Slower growth Partners drop programs Risk Reward The Investment Proposition: Risk vs. Reward Ligand’s Potential Upside Potential blockbuster product approved/ in-deve
Slide 10: Ligand's Potential Upside
Ligand’s Potential Upside List presented last summer (2010) Updated Outlook Potential blockbuster product approved/ in development Data for Promacta ® expected over next months Near-term profitability Projected to turn profitable by year-end 2011 Well funded/financially disciplined Lowest cost struc
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Slide 15: Potential Significant Revenue Expansion Over Next Several Years
Illustrative Growth 2015 2012 Potential Significant Revenue Expansion Over Next Several Years *Plus license fees "Shots on Goal" Vision Turning into Reality Promacta Avinza Conbriza Promacta Nexterone Avinza Carfilzomib Conbriza Aprela Nexterone CXCR2 Carfilzomib Clopidogrel >$30 million revenue* Me
Slide 16: Worldwide Quarterly Promacta Revenue Growth
New markets and new indications should help accelerate revenue growth Ligand expects to receive royalties for another 14 years Worldwide Quarterly Promacta ® Revenue Growth $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 $20.0 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Ligand and GSK r
Slide 17: Ligand Portfolio: Partnered Programs
17% 9% 30% 39% 5% Over 50 Partnered Programs • Over half of the partnered portfolio is Phase II or later • Portfolio is highly diversified across many partners, stages of development and therapeutic areas • Merck, GSK and Pfizer are our partners with the most programs Marketed / Approved Phase III /
Slide 18: Ligand Portfolio: Total Portfolio Snapshot
19% 12% 7% 26% 35% • Programs are highly diversified across more than 10 therapeutic areas • The therapeutic areas most represented in the portfolio are oncology, inflammation, neurology and metabolic disease Ligand Portfolio: Total Portfolio Snapshot Total Portfolio (Over 60 programs) Marketed / Ap
Slide 19: Ligand's Internal Pipeline Focus
Ligand's Internal Pipeline Focus
Slide 20: Potential Upcoming News Flow
Timing* Projected Event Potential Upcoming News Flow 3Q11 Carfilzomib NDA filing Platform Captisol Partnership 4Q11 Promacta Phase III HepC Results Aprela NDA filing SARM program update 1Q12 Initiate pivotal Melphalan study Top Line IL-9 Phase II Results Clopidogrel 505(b)(2) study initiation 2Q12 M
Slide 21: Matt Foehr, Chief Operating Officer
Ligand Pharmaceuticals Incorporated Matt Foehr Chief Operating Officer cd
Slide 22: CyDex Acquisition: What has Captisol brought to Ligand?
New Shots Deals Captisol ® What has it brought to Ligand? • High return late-stage internal development programs • New opportunities • High quality relationships • Significant expansion of “shots on goal” • Powerful enabling technology meeting key needs Captisol ® CyDex Acquisition:
Slide 23: Captisol: The Need
The Need Captisol ® :
Slide 24: Captisol: Enabling New Drugs
Patented, chemically-modified cyclodextrin Increase drug solubility, reduce site reactions Versatile across molecule families and sizes Safe, inactive, inert Over 100 clinical studies Type V Drug Master File Enabling New Drugs Captisol ® :
Slide 25: Captisol: Enabling New Drugs
Enabling New Drugs • Strong manufacturing technology and IP estate • Hovione Partnership 50 metric ton capacity for Captisol ® , ability to double Exclusive relationship with built-in site redundancy • Intellectual Property 8 patent families covering technology, 12 patent families for products Formu
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Slide 27: Captisol: The Value
The Value Approved or pending products Broader platform relationships with partners who can leverage Captisol ® in more ways Internal Captisol- enabled ® development programs with potential for high returns Captisol ® :
Slide 28: Captisol-enabled Internal Development Programs
• Reformulation can bring meaningful innovation to established medicines • Late-stage internal development can create significant value in exchange for relatively modest investment • 505(b)(2) pathway leverages existing data Lower development costs Shorter timelines Smaller infrastructure requiremen
Slide 29: Captisol-enabled PG-Free Melphalan
• High dose conditioning treatment prior to hematopoietic progenitor (stem) cell transplantation for multiple myeloma • Orphan Drug Status Market exclusivity, PDUFA fee waiver • Phase II dosing now completed Interim results presented at ASCO • Pivotal trial projected to begin early 2012 Captisol-ena
Slide 30: Rick White, Business Development and Marketing
Ligand Pharmaceuticals Incorporated Rick White Vice President, Business Development and Marketing 26
Slide 31: Multiple Myeloma: Continuing need for new and innovative therapies
Continuing need for new and innovative therapies Multiple Myeloma Second most common hematologic cancer 50,000 patients in the U.S., 20,000 diagnosed annually Area of growing industry interest Transplant remains a centerpiece in managing disease progression
Slide 32: Multiple Myeloma: Disease Treatment and Progression
Disease Treatment and Progression Multiple Myeloma:
Slide 33: Multiple Myeloma: Stem Cell Transplantation Process
Autologous Stem Cells Autologous Stem Cells Autologous Stem Cells High Dose Chemotherapy Stem Cell Transplantation Deep Freeze Thawing and infusion of patient stem cells Cryopreservation of patient stem cells Mobilization and leukapheresis of patient stem cells Multiple Myeloma:
Slide 34: Melphalan Product Comparison
Captisol-enabled ® Melphalan for Injection Ligand Internal Development Asset One vial system Propylene glycol-free 24-hr infusion window Treatment Flexibility Alkeran ® Launched in 1993 GlaxoSmithKline Two vial system Propylene glycol diluent 60-min infusion window Per label limitations Melphalan Pr
Slide 35: Melphalan Product Comparison
Captisol-enabled ® Melphalan for Injection Ligand Internal Development Asset One vial system Propylene glycol-free 24-hr infusion window Treatment Flexibility Product Advantages: • Improved stability and use time in an all aqueous formulation • Longer administration durations, slower infusion rates
Slide 36: Melphalan Market
• IMS Reports Sales of $85MM for Rolling 12 Month Period • Majority of the Current Usage as a High Dose Conditioning Agent Prior to Autologous Stem Cell Transplant in Multiple Myeloma Patients (currently off label) • Potential Label, and Orphan Designation, for Captisol-enabled ® Propylene Glycol-Fr
Slide 37: Captisol-enabled Melphalan: Opportunity
A Marketing and Sales effort could be relatively lean and efficient • Melphalan therapy is well understood and entrenched, with few influential bone-marrow-transplant hospitals “Ultra-niche” call universe • Benefits of Captisol-enabled ® Melphalan formulation are easily positioned • Effective promot
Slide 38: Captisol-enabled Melphalan: Projected Timeline
Captisol-enabled ® Melphalan: Projected Timeline
Slide 39: Rob McKay, Business Development and Investor Relations
Ligand Pharmaceuticals Incorporated Rob McKay Senior Director, Business Development and Investor Relations cy
Slide 40: The Shots on Goal Model
The Shots on Goal Model 8 Assets Currently Generating Commercial Revenue Over 50 Partnered Programs Over 60 Total Programs Over 25 Different Partners Over 10 Therapeutic Areas Minimizing Risk Through Portfolio Size and Diversification 10 Potential New Approvals in the Next 4 Years - -
Slide 41: The Value Pyramid For Ligand Assets
The Value Pyramid For Ligand Assets The Top of the Value Pyramid for Ligand is Promacta Avinza Carfilzomib Aprela Nexterone CXCR2 Viviant Over 50 Additional Programs from Preclinical to PIII • There are numerous programs in the Ligand portfolio today which add significant value to the business • But
Slide 42: Promacta Background
Promacta Background • What is Promacta Promacta is a once-daily oral medicine that activates the thrombopoietin (TPO) receptor Activation of the TPO receptor causes platelets to increase, relieving conditions of low platelets known as thrombocytopenia • History Ligand and GSK jointly discovered Prom
Slide 43: Promacta: The Foundation of the Ligand Growth Story
Approved for ITP Marketed by GSK PIII HepC Data Release in 3Q/4Q11 Promacta Follow-On : GSK-5921 5-10%, blended 9% on $1B in Sales An Approved Drug in All Major Markets Promacta ® : The Foundation of the Ligand Growth Story Aspects Of The Promacta Franchise Make It An Ideal Foundation For Ligand’s F
Slide 44: Promacta Program Recent Developments (1 of 2)
Promacta Program Recent Developments (1 of 2) • New ITP Launches Around the World EU, Japan, South America • Increased ITP Sales World-wide ITP sales in 1Q2011 increased 109% over 1Q2010 The Promacta ITP Franchise Has Continued To Generate Positive News In The Past Year
Slide 45: Promacta Program Recent Developments (2 of 2)
Promacta Program Recent Developments (2 of 2) • Full ITP Approval Granted by FDA GSK completed post-approval commitment of generating long-term safety data Label now includes efficacy and safety data from RAISE, 6-month ITP study Since 2008, GSK has been working with FDA. Studies submitted: • 6-mont
Slide 46: GSK Investment in Promacta Franchise Expansion
Idiopathic Thrombocytopenia Purpura (ITP) Hepatitis C-Related Thrombocytopenia Oncology-Related Thrombocytopenia Phase I Phase II Phase III Approved Clinical Studies 2 P-III Studies GSK Is Investing Significantly In The Growth Of The Promacta Franchise 11 PI and PII Studies Approved (Label Expansion
Slide 47: Thrombocytopenia: A Multibillion Dollar Platelet Potential
Patients needed to potentially reach $1B in sales Thrombocytopenia Is Comprised Of Multiple Sub-Markets of Thrombocytopenia-Inducing Diseases, Similar to Anemia and Neutropenia Wall Street Research on GSK published Nov. 21, 2005 Thrombocytopenia: A Multibillion Dollar Platelet Potential
Slide 48: Significant Revenue Growth Potential for Ligand
Significant Revenue Growth Potential for Ligand Territory Expansion Indication Expansion • HepC • Oncology • Others + + Long IP Protection Expansion of the Promacta Franchise Translates Into Significant Revenue Growth for Ligand Promacta Royalty Illustrative Ligand Revenue Annual Sales Royalty <$100
Slide 49: The Role for Eltrombopag in HepC-Related Thrombocytopenia
The Role for Eltrombopag (Promacta) in the Treatment of HepC-Related Thrombocytopenia N. Afdhal M.D Beth Israel Deaconess Liver Center Harvard Medical School
Slide 50: Agenda
Agenda Eltrombopag and thrombocytopenia Current status of HCV therapy The ENABLE 1 and ENABLE 2 P-III Studies ELEVATE Study – conclusions on Eltrombopag safety
Slide 51: The Unmet Medical Need for Thrombocytopenia
The Unmet Medical Need for Thrombocytopenia Thrombocytopenia is a major factor in patients being unable to achieve a desired clinical outcome in dozens of diseases Currently estimated to be nearly two million patients annually in the US who need to be treated for thrombocytopenia Current non-drug te
Slide 52: Liver Disease-Associated Thrombocytopenia
Liver Disease – Associated Thrombocytopenia Platelet counts may be as low as 20,000–40,000/ L Prevalence of thrombocytopenia increases with severity of liver disease Degree of thrombocytopenia correlated with severity of liver disease Thrombocytopenia predictive of reduced 5-year survival Thrombocyt
Slide 53: Eltrombopag
Eltrombopag Thrombopoietin receptor agonist Oral, once-daily tablet Induces megakaryocyte proliferation and differentiation Increases platelet counts in patients with HCV¹ 1. McHutchison J, et al.N Engl J Med. 2007;357:2227–2236.
Slide 54: Current Status of HCV therapy and the Role for Eltrombopag
Current Status of HCV therapy and the Role for Eltrombopag
Slide 55: Thrombocytopenia, HepC, and Eltrombopag
Thrombocytopenia, HepC, and Eltrombopag Nearly 10% of HepC patients in the US suffer from treatment-limiting thrombocytopenia These patients have significantly worse outcomes due to their underlying liver disease and inability to complete antiviral therapies Eltrombopag PII data demonstrates that th
Slide 56: HCV Pipeline by MOA and Stage of Development
HCV Pipeline* by MOA and Stage of Development 3/2/2010 – selected compounds only. *Publicly available information via press release, corporate presentations, and assumptions based on patent filings.
Slide 57: Target Regimen Outcomes
Target “Regimen” Outcomes Today’s Regimen 2015+ Target IFN + Ribavirin (R) G1-Naive • SVR = 40% • Duration = 48 weeks G2-3 Naïve • SVR = 75% • Duration = 24 weeks G1-Experienced • No meaningful option • Frequent dosing and poor tolerability New Triple / Quad Combo Regimens • Highest possible SVR • N
Slide 58: SVR Rates in Telaprevir-Treated Patients
SVR Rates in Telaprevir-Treated Patients Compared with Peginterferon/Ribavirin Alone Jacobson IM et al. Hepatology . 2010;52(Suppl 1):Abstract 211. Telaprevier 12 weeks + Peg/Riba 48 weeks Telaprevier 8 weeks + Peg/Riba 48 weeks Peg/Riba 48 weeks
Slide 59: Impact of New HepC Therapies on Use of Eltrombopag
The Impact of New HepC Therapies on the Use of Eltrombopag in HepC Underlying thrombocytopenia is still an issue for many HepC patients The new protease inhibitors do not change that fact • New protease inhibitor therapies slightly increase the rate of thrombocytopenia Due to increased SVR seen with
Slide 60: Eltrombopag Clinical Studies: HepC Studies
Eltrombopag Clinical Studies HepC Studies
Slide 61: Eltrombopag PII HepC Study Design
Eltrombopag PII HepC Study Design 4 wk 12 wk PEG-IFN + ribavirin + eltrombopag Pre-antiviral Eltrombopag 4 wk 4 wk 4 wk 12 wk + Eltrombopag 12 wk + Eltrombopag 12 wk + Eltrombopag INITIATE antiviral Rx if platelets >70–100 K/ µ L 30 mg 50 mg 75 mg PART 1 PART 4 wk 4 wk 4 wk 4 wk Follow-up
Slide 62: Phase II: Primary Efficacy Endpoint
Phase II: Primary Efficacy Endpoint Platelet count 100,000/uL at Week 4 PLACEBO 30 mg 50 mg 75 mg 0.0007 0.0003 < 0.0001 0% 74% 75% 95% 0% 20% 40% 60% 80% 100% McHutchison, NEJM 2007
Slide 63: Phase II: Subjects Completing Weeks of PEG-IFN Therapy
Phase II: Subjects Completing 12 Weeks of PEG-IFN Therapy PLACEBO 30 mg 50 mg 75 mg 6% 53% 36% 65% 0% 20% 40% 60% 80% 100%
Slide 64: Phase II: Median Platelet Count
Phase II: Median Platelet Count > 200K without thrombotic events Placebo 30 mg 50 mg 75 mg INITIATION MAINTENANCE Study Day McHutchison, AASLD 2006
Slide 65: Phase II: Adverse Events - Pre-Antiviral Phase
Phase II: Adverse Events – Pre-Antiviral Phase Treatment Group, n (%) PBO N=18 30mg N=14 50mg N=19 75mg N=23 Any AE 10 (56) 11 (79) 10 (53) 13 (57) Headache 3 (17) 5 (36) 3 (16) 4 (17) Dry mouth 1 (6) 2 (14) 2 (11) 2 (9) Pruritus 2 (9) Nausea 1 (7) 2 (11) 1 (4) Fatigue 2 (11) 1 (4) Upper abdominal p
Slide 66: Phase II: Conclusions
Phase II: Conclusions Eltrombopag increased platelet counts in subjects in all dose groups A significant number of subjects achieved the primary endpoint (Week 4) in all dose groups compared to placebo Eltrombopag enabled 45/56 subjects to initiate IFN therapy – 31 subjects completed 12 weeks of IFN
Slide 67: ENABLE 1 and ENABLE 2
ENABLE 1 and 2 Two parallel global Phase III studies peginterferon alfa-2a (PEGASYS) plus ribavirin – ENABLE 1 peginterferon alfa-2b (PEG-Intron) plus ribavirin – ENABLE 2 ltrombopag to I N itiate and Maintain Interferon ntiviral Treatment to B enefit Subjects with Hepatitis C related L iver Diseas
Slide 68: Randomized Withdrawal Design
Randomized Withdrawal Design Pre-Antiviral Phase Open-label eltrombopag (2 – 9 weeks) Antiviral Phase Randomized (up to 48 weeks) platelets >90,000/uL (E1) or 100,000/uL (E2) 25mg>50mg>75mg>100mg • 2:1 randomization eltrombopag:placebo • Dose titration of eltrombopag allowed throughout • Primary end
Slide 69: ENABLE Study Design
ENABLE 1 and 2 Study Design Screening Days Platelets <75K/µL Pre-Antiviral Treatment Phase Open-label eltrombopag dosed for up to 9wks until platelet count increases to enable initiation of antiviral therapy. Part 1 (2-9 Wks) Open-Label Platelets 90K/µL* Platelets 90K/µL* Platelets 90K/µL* *Platelet
Slide 70: Endpoints
Endpoints SVR rate defined as percentage of subjects with non-detectable HCV-RNA at 24 weeks post-completion of the planned treatment period Platelet count 90-100,000/ L in Part 1 Dose modifications Safety and tolerability Platelet counts PK RVR, EVR and ETR Health-related quality of life Safety mod
Slide 71: Eltrombopag Safety Summary: ELEVATE Study and Safety
Eltrombopag Safety Summary ELEVATE Study and Safety
Slide 72: Eltrombopag in Chronic Liver Disease Patients: ELEVATE
Eltrombopag in Chronic Liver Disease Patients with Thrombocytopenia Undergoing an Elective Invasive Procedure: Results from ELEVATE, a Randomised Clinical Trial N. Afdhal, E. Giannini,² G.N. Tayyab, A. Mohsin, J-W. Lee, A. Andriulli, L. Jeffers, J. McHutchison, F. Campbell, N. Blackman, D. Hyde, A.
Slide 73: Primary Endpoint: Avoiding Platelet Transfusions
Primary Endpoint: Avoiding Platelet Transfusions with Elective Invasive Procedure Difference 53% (95% CI: 43, 62) p < 0.0001 Placebo (N = 147) Eltrombopag (N = 145) 72% 19% n = 28 n = 104
Slide 74: Selected Adverse Events
Selected Adverse Events Placebo (N = 145) Eltrombopag (N = 143) n (%) n (%) Bleeding 25 (17) 19 (13) Thrombotic event 2 (1) 6 (4) Ocular (focus on cataracts / visual acuity decrease) 6 (4) 6 (4) Malignancies* 1 (<1) 1 (<1) * Basal cell carcinoma (Grade 2) reported for one patient receiving placebo a
Slide 75: Summary of Thrombotic Events
Summary of Thrombotic Events Thrombotic event Temporal relationship to last dose Temporal relationship to procedure Platelet count at event (Gi/L) Procedure PV / SMV thrombosis +1 –6 days Brain tumour resection PV thrombosis +5 +4 days Oesophageal variceal ligation SMV thrombosis +8 +7 days Dental e
Slide 76: Thrombotic Events and Platelet Count
Thrombotic Events and Platelet Count Platelet count >200,000/ µ L YES NO 47 patients (16%) 241 patients (84%) YES = 5 (10.6%) NO = 42 (89.4%) YES = 3 (1.2%) NO = 238 (98.8%) TEs
Slide 77: ELEVATE Conclusions
ELEVATE Conclusions Eltrombopag 75 mg for 14 days – Reduced the need for platelet transfusions in CLD patients with thrombocytopenia undergoing elective invasive procedures – Increased platelets during treatment period and up to 2 weeks following treatment – Similar incidence of adverse events and s
Slide 78: Eltrombopag Summary
Eltrombopag Summary ENABLE studies are expected to confirm role of eltrombopag in HCV therapy in 2011 Eltrombopag is expected to be more widely used in HCV – increased SVR – increased treatment Long term safety of eltrombopag continues to be better understood and continued expansion of the eltrombop
Slide 79: Financial Highlights
Financial Highlights John Sharp Vice President, Finance and Chief Financial Officer Ligand Pharmaceuticals Incorporated
Slide 80: 2011 Revenue Outlook
~15% ~35% ~50% 2011 Revenue Outlook • Total 2011 revenue currently projected to be $22 - $24 million – $11 - $12 million from Captisol sales – $8 million from royalties – $3 - $4 million from license and other • Potential for additional sources of revenue and cash in 2011 above these projections bas
Slide 81: Financial Guidance
Financial Guidance 2011 Guidance: • Revenue of $22 - $24 million • Operating expenses projected to be ~$20 million – Average gross margin on material sales of approximately 60% • Projecting turning profitable on an operating basis and having positive cash flow from operations by the 4 quarter of 201
Slide 82: Low Cost Structure
Low Cost Structure $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 2011* G&A R&D * High end of expense guidance range • Ligand has significantly reduced expenses over the last several years • During the same period, the company closed 5 acquisitions while significantly expanding its asset base
Slide 83: Multiple Future Revenue Sources
Multiple Future Revenue Sources • 8 programs currently generating royalty revenues • Over 50 partnered programs • Numerous internal programs • Growing Captisol business
Slide 84: Expected Revenue Growth
Expected Revenue Growth *Excludes revenue from new deals, if any $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 Guidance * 2013 Illustrative License & Other Material Sales Royalty • Revenue could potentially double within two years on similar cost structure • Recurring and high-growth roy
Slide 85: High Quality Revenue
High Quality Revenue Future revenue drivers: – Increased royalties from multiple commercial products (Promacta,Conbriza, Carfilzomib, Nexterone, etc…) – Steadily increasing Captisol sales – Less dependence on “one-time” license/milestone events • Continued potential for additional sources of revenue
Slide 86: Value of Net Operating Loss Carryforwards
Value of Net Operating Loss Carryforwards (NOL) • Ligand has accumulated substantial NOL’s through our operating history and acquisitions • NOL’s should provide significant relief on taxable income if the company turns profitable • NOL’s as of December 31, 2010 = $438 million • Due to tax code, NOL’
Slide 87: "Shots on Goal" Portfolio
“Shots on Goal” Portfolio Ligand Pharmaceuticals Incorporated 2011 Ligand Analyst Day Workshop
Slide 88: The "Shots on Goal" Model at Ligand
The “Shots on Goal” Model at Ligand • The low ROI for biopharma R&D suggests that sharing the cost and risk of R&D through partnering is a preferred route to meaningful ROI • Ligand has assembled the largest portfolio of partnered assets of any company in its biopharma peer group – Now over 50 asset
Slide 89: Industry Unique Partnered Asset Portfolio
Industry Unique Partnered Asset Portfolio • Over 25 different partners • Over 10 different therapeutic areas • Over half of the portfolio is PII or later • Ligand estimates that partners spend over $150M per year on this portfolio • Significant quarterly news flow
Slide 90: Portfolio Asset Highlights
Portfolio Asset Highlights • PIII/NDA • Captisol-enabled proteasome inhibitor for multiple myeloma • Ligand eligible to receive milestones, royalties and material sales revenue • Potential 2012 launch • Beyond Promacta, there are multiple-late stage programs in the portfolio that offer Ligand opport
Slide 91: Quality Portfolio News Flow
Promacta Nexterone Viviant Aprela Carfilzomib CXCR2 IL-9 CDK Merck Captisol Clopidogrel Others Quality Portfolio News Flow • New Territory Launches • New Product Launches • NDA Approvals • NDA Filings 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 The Size of the Portfolio Generates Regular, Meaningful, Quarterly Ne
Slide 92: Deep Partner Relationships
Deep Partner Relationships • PII CXCR2 (COPD) • PII CDK Inhibitor (oncology) • PI BACE (Alzheimers) • Captisol Program • Promacta ITP • Promacta HepC • Promacta Oncology • LGD 4665/GSK 3521 • Viviant • Aprela • Marketed Captisol Products Ligand has Multiple Broad and Diverse Relationships With Premi
Slide 93: Ligand Business Development
LIGAND BUSINESS DEVELOPMENT Ligand Business Development LIGAND REVENUE DRIVERS LIGAND PROPRIETARY PIPELINE Ligand business development is the core engine that drives the shots on goal model -Acquisitions – Licensing – Spin Offs - Alliance Management-