Ligand' License Partner Janssen Received FDA Approval For Tecvayli For Refractory Multiple Myeloma

(RTTNews) - Ligand Pharmaceuticals Inc. (LGND) announced Wednesday that its licensing partner Janssen Biotech, Inc. has received approval from the FDA for Tecvayli or teclistamab for the treatment of relapsed or refractory multiple myeloma. Teclistamab is a T-cell redirecting, bispecific antibody developed by Janssen scientists using OmniAb's OmniRat® antibody discovery technology.

As per the licensing agreement, OmniAb is eligible to receive a $25 million milestone payment upon the first commercial sale of teclistamab in the United States.

Further, Ligand said the spin-off of OmniAb remains on track and expected to close on November 1, 2022.