Ligand Sells Screening Technology

San Diego-based Ligand Pharmaceuticals announced today that it has agreed to sell its combinatorial compound library and screening technology, in a deal worth $1.8M. According to Ligand, it is selling the technology to Venenum Biodesign, LLC., an affiliate of Medical Diagnostics Laboratories, LLC, which is a part of Genesis Biotechnology Group. The deal is made up of $1M at close of the transaction and $800,000 over the next two years, plus 10 percent of any revenues from third party collaboration over the next three years. Ligand said the sale came because the screening technology was no longer required for the firm's research activities.