Two Steps Back: Ligand Ditches Commercial Assets

In early September, Ligand Pharmaceuticals announced it had unloaded its entire portfolio of marketed compounds, bringing in $518 million. The move goes against the grain of conventional wisdom in the biopharma world these days, where companies are still scrambling for clinical and commercial assets to forward integrate their businesses.

Ligand Pharmaceuticals Inc. is swimming against the tide.

The current conventional wisdom in biotechnology seems to suggest that transforming into a so-called FIPCO will bring handsome rewards. Based on the belief that it's easier to find an existing...

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