Ligand Pharmaceuticals Incorporated · NASDAQ:LGND
Ligand Pharmaceuticals — Rodman & Renshaw 10th Annual Healthcare Conference 2008
33 slides from Ligand Pharmaceuticals's conference presentation, Nov 12, 2008
Slide 1: Rodman & Renshaw 10th Annual Healthcare Conference
Joseph A. Mollica, Chairman of the Board, Interim President & CEO Pharmacopeia John L. Higgins, President & CEO Ligand Pharmaceuticals Rodman & Renshaw 10th Annual Healthcare Conference New York City, November 11, 2008
Slide 2: Pharmacopeia: Discovering excellence, driving clinical success
Joseph A. Mollica, Chairman of the Board, Interim President & CEO Discovering excellence, driving clinical successTM
Slide 3: Forward-Looking Statements
3 This presentation, and oral statements made with respect to information contained in this presentation, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those which express plan, anticipation,
Slide 4: Pharmacopeia/Ligand Merger
4 Pharmacopeia/Ligand Merger • Merger announced on September 24, 2008 • Expected to close by January 2009 • Pharmacopeia shareholders benefit from any growth of combined company • Exciting combined portfolio with significant royalty potential • Premium over Pharmacopeia stock price, including furthe
Slide 5: Combined Product Pipeline
5 Combined Product Pipeline Stage of Development Product Indication Partner Preclinical Phase I Phase II Phase III / NDA Marketed AVINZA ® Chronic pain King Pharmaceuticals PROMACTA™ ITP, Hep C, CLD, CIT GlaxoSmithKline VIVIANT™ / APRELA™ Osteoporosis Wyeth FABLYN® Osteoporosis Pfizer PS433540 DARA
Slide 6: John L. Higgins, President & CEO Ligand Pharmaceuticals
John L. Higgins, President & CEO Ligand Pharmaceuticals
Slide 7: Safe Harbor Statement
7 Safe Harbor Statement • The following presentation contains forward-looking statements regarding the proposed acquisition of Pharmacopeia by Ligand, including projections regarding expectations for potential research and development payments, savings in operational costs, cash burn rates, timing o
Slide 8: Additional Information and Where to Find It
8 Additional Information and Where to Find It • Ligand filed on October 20, 2008, the SEC a preliminary Registration Statement on Form S-4, which includes a proxy statement of Pharmacopeia and other relevant materials in connection with the proposed transaction. Once, finalized, the proxy statement
Slide 9: Why are we Acquiring Pharmacopeia?
9 Why are we Acquiring Pharmacopeia? • Royalty partnerships • Drug discovery platform • Partnerable assets • Cash and tax assets
Slide 10: Vision for the Combined Companies
10 Vision for the Combined Companies • Consolidated operations with strong fundamentals Strong balance sheet Cost-efficient R&D business with spending discipline Robust product pipeline Diverse royalty partnerships with promising potential revenue and profits • Leverage highly successful drug discov
Slide 11: Combined Revenue Sources
11 Combined Revenue Sources • AVINZA royalties • Potential royalties from three pending NDA’s and future registrations in expanded indications PROMACTA (GSK) FABLYN (Pfizer) VIVIANT (Wyeth) APRELA NDA submission expected in 2009 (Wyeth) • Milestone and Research Payments from existing Pharmacopeia pa
Slide 12: Significant Value in Royalty Partnerships
12 Significant Value in Royalty Partnerships • Numerous deals with nine pharmaceutical companies • Over 15 programs in various stages of research and development in partnership portfolio • More than 20 different therapeutic indications being pursued including the largest untapped markets Muscle wast
Slide 13: Ligand's Plan for DARA
13 Ligand’s Plan for DARA • Current 2009 plan Finish Phase IIb trial; spend minimal amount to complete study • Evaluate partnerability of DARA by focusing on: Quality of data Time and cost to develop drug and get it to market Patent extension options Terms of DARA agreement with BMS Interest level c
Slide 14: Pro Forma Financial Forecast
14 Pro Forma Financial Forecast • Given our current outlook on the combined businesses, 2009 pro forma operating cash burn rate is expected to be $20 million • Potential for additional revenue and cash infusion from new license agreements • More than $350 million in potential Net Operating Loss carr
Slide 15: Strong Research Platforms
15 Strong Research Platforms Mainly GPCR, kinase, ion channel, other targets Exclusively nuclear and cytokine receptor targets Targets Combinatorial chemistry compound library Over 7 million compound screening deck Discrete compounds 100,000 compound library Chemistry Broad approach similar to Big P
Slide 16: Opportunities and Benefits to Shareholders
16 Opportunities and Benefits to Shareholders • Ligand shareholders gain access to: Numerous royalty partnerships Pipeline assets Drug discovery assets Cash and NOLs • Pharmacopeia shareholders will participate in: Lucrative potential near-term royalties Well capitalized company with no anticipated
Slide 17: Overview of Ligand's Partnerships
17 Overview of Ligand’s Partnerships
Slide 18: Major Collaborations
18 Major Collaborations • 1997 drug discovery collaboration resulted in eltrombopag (PROMACTA) – small molecule TPO mimetic • ITP: Numerous clinical studies tested, data published in NEJM, NDA pending approval (16-0 panel vote in favor of drug) • Hepatitis C: Two Phase III trials were initiated in 4
Slide 19: Thrombocytopenia - Causes of Disease
19 Thrombocytopenia - Causes of Disease • Decreased production of platelets Myelodysplastic syndrome Hepatitis C Cancer in the bone marrow (leukemia) Aplastic anemia • Increased destruction of platelets Autoimmune, such as ITP Sequestration in the spleen • Drug-induced Myelosuppression by chemothera
Slide 20: Medical Significance of Thrombocytopenia (US)
20 Medical Significance of Thrombocytopenia (US) (Estimated markets) Potential Treatable Patients ITP ~100,000 Hepatitis C ~120,000 Myelodysplastic syndrome ~20,000 Leukemia / lymphoma ~50,000 Chemotherapy induced thrombocytopenia ~140,000 Intensive care unit – acquired ~500,000 Bone marrow transpla
Slide 21: Illustrative Cost for Blood-Related Treatments
21 Illustrative Cost for Blood-Related Treatments Annual Cost of Care Pharmaceuticals ~$15,000 (annual cost of care) Splenectomy $48,000 (procedure and medical management) Platelet Transfusion Single Course $4,000 Leukemia $84,000 (2 to 4 weeks daily) Bone Marrow Transplant $140,000 (4 to 6 weeks da
Slide 22: SERM Collaborations
22 SERM Collaborations • Ligand has two partnerships around Selective Estrogen Receptor Modulators (SERMs): Wyeth Pfizer • SERMs bind with estrogen receptors in a tissue-specific manner: Exhibit estrogen action in some tissues and anti-estrogen action in other tissues Deliver benefits of estrogen in
Slide 23: SERM Collaborations: Bazedoxifene
23 SERM Collaborations & • Bazedoxifene (VIVIANT) Monotherapy: Received third FDA approvable letter for osteoporosis in May 2008 • Expects to file complete response with FDA 1H09: Submitted NDA for osteoporosis treatment in 3Q:07 Submitted MAA for osteoporosis prevention & treatment in 3Q:07 • Bazed
Slide 24: SERM Collaborations: Lasofoxifene (FABLYN)
24 SERM Collaborations • Lasofoxifene (FABLYN) for osteoporosis treatment • NDA pending approval; FDA Extended Review through January 2009 • FDA Panel had positive vote (9-3) on September 8, 2008 that there is a population of postmenopausal women with osteoporosis in which the benefit of treatment w
Slide 25: SARM Selective Androgen Receptor Modulators
25 SARM Selective Androgen Receptor Modulators
Slide 26: SARM Program
26 SARM Program • Androgens (e.g. testosterone) are steroids that play key roles in bone, skeletal muscle and libido • Current androgenic drugs have disadvantages that significantly limit their use Non-selective stimulation of all androgen receptors Inconvenient formulations – injectable or topical
Slide 27: SARMs Address a Major Unmet Need
27 SARMs Address a Major Unmet Need Approximately 1/3 of Older Adults have low muscle mass and low bone mineral density Revue de Medecine Interne 2000; 21:608, Molecular Aspects Med. 2005; 26:818 Healthy Elderly Elderly with Serious Disease Epidemiology of Aging Ligand SARM Repletes Muscle and Bone
Slide 28: EPO Mimetic Program
EPO Mimetic Program O LIGAND
Slide 29: Oral EPO Mimetics Will Provide New Therapeutic Options to Patients
29 Oral EPO Mimetics Will Provide New Therapeutic Options to Patients • Research-stage program to discover non-peptide, small molecule oral agonists • Builds upon our recent success in discovering TPO mimetic drugs • Current recombinant EPO proteins and the EPO receptor synthetic peptides in develop
Slide 30: TPO Mimetic Program
TPO Mimetic Program O LIGAND
Slide 31: Ligand TPO Mimetic Program
31 Ligand TPO Mimetic Program • The goal to develop best-in-class molecules to stimulate the production of platelets focused on: Potency Onset of action Safety Oral dosing flexibility • Ligand’s lead molecule, LGD-4665 has a promising efficacy and safety profile • Ligand is developing a robust libra
Slide 32: LGD-4665 Summary
32 LGD-4665 Summary • LGD-4665 is approximately 10 times more potent than eltrombopag based on published data • The drug was safe and well tolerated in Phase I studies • The strong efficacy, good safety and long half-life may permit weekly dosing regimen • Conducting numerous pharmacology studies, t
Slide 33: Near-Term Milestone and Events Calendar
34 Near-Term Milestone and Events Calendar 1H 09 VIVIANT FDA Action 1Q 09 FABLYN FDA Action 1Q 09 Phase IIb DARA 4Q 08 Completion of SP CXCR2 Trial in COPD 4Q 08 Phase II ITP Interim Data Projected Timing Development and Regulatory Events Ligand SARM IND Submission PROMACTA FDA Action 4Q 08 Anytime?
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