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Ligand Changes Avinza Deal With Elan, Misses On Earnings

By Brady Huggett

Thursday, November 14, 2002
Ligand Pharmaceuticals Inc. is restructuring its Avinza license deal with Elan Corp. plc, eliminating Elan's co-promotion rights in North America and dropping Elan's royalty rate. But to do so, Ligand will pick up $135 million in debt for a product that is not generating revenue as strongly as management had predicted, a scenario that has investors questioning the future.

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