Ligand, Royalty Pharma Amend SERM Royalty Agreement

Royalty Pharma Exercises a $12.5 Million Option on October 1

San Diego, CA, and New York, NY - October 2, 2003 - Ligand Pharmaceuticals (Nasdaq: LGND) and Royalty Pharma have amended their royalty agreement for three selective estrogen receptor modulator (SERM) products nearing completion of Phase III development, the companies announced today.

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