On Sept. 24, Ligand agreed to provide AvenCell Therapeutics up to $47 million: up to $6 million for its Series C and up to $41 million for drug development. The first development tranche is due at closing; three more depend on clinical milestones and financing conditions.
If AvenCell’s programs succeed commercially, Ligand would earn royalties in the mid-single-digit to low-double-digit range on global annual net sales from AvenCell’s current and future pipeline. Lead candidates AVC-201 and AVC-203 are in Phase 1b and Phase 1a, respectively, and remain exposed to clinical, regulatory and commercial risks; the deal does not guarantee either will reach market.
In July, Ligand completed its XOMA Royalty acquisition, adding more than 120 assets; its portfolio now includes more than 200 assets, including more than 40 marketed products. Ligand’s royalty revenue rose 32% year over year to $48 million in Q2, and the company is targeting $225 million to $250 million for full-year 2026.
