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Ligand agrees to reduced royalty rate on sales of medical device

Ligand Pharmaceuticals agreed to a reduced royalty rate on the sales of CanGaroo in exchange for $10 million.

Aziyo Biologics will make the payment, following which Ligand will receive a 5% royalty on the sales of the medical device, which is intended to securely hold cardiovascular implantable electronic devices such as pacemakers and defibrillators.

Ligand had secured the rights to the device's royalty in May 2016 from CorMatrix Cardiovascular Inc. in exchange for a $17.5 million payment. The agreement provided for a 20% royalty on the sales of the device as well as others.

CorMatrix Cardiovascular has now transferred the commercial rights of CanGaroo to Aziyo Biologics.

Aziyo will pay Ligand up to $10 million in additional, sales-based milestones tied to the commercial success of the currently-marketed products and extend the term on these royalties by one year as part of the royalty rate reduction.