Wyeth Pharmaceuticals (MADISON, N.J.) and Ligand Pharmaceuticals Incorporated (SAN DIEGO, Calif.) separately announced that Wyeth has submitted a New Drug Application (NDA) to the US FDA for the approval of bazedoxifene, a selective estrogen receptor modulator (SERM) for the prevention of postmenopausal osteoporosis. In September 1994, Wyeth entered into a discovery research collaboration for bazedoxifene (formerly TSE424) with Ligand. Under the terms of the agreement, Ligand is entitled to receive an undisclosed milestone payment as a result of Wyeth's regulatory approval submission. Ligand is also entitled to receive additional milestone payments upon submission of an NDA equivalent in a major market country ex-US, approval of bazedoxifene in the US and in a major market country ex-US, if obtained. In addition, Ligand would receive up to mid-single digits on net sales of bazedoxifene worldwide for any indication, of which 3.0125% of net sales for a period of 10 years following first commercial sale have been purchased from Ligand by Royalty Pharma. Wyeth is solely responsible for the clinical development and commercialization of bazedoxifene.

—A. Techman