Ligand Pharmaceuticals Incorporated (Ligand) is a biotechnology company that focuses on drug discovery and early-stage development of pharmaceuticals that address critical unmet medical needs or that are more effective and/or safer than existing therapies, more convenient to administer and are cost effective. The Company has research and development collaborations for its product candidates with numerous pharmaceutical companies. These collaborations include ongoing clinical programs at Bristol-Myers Squibb (BMS), GlaxoSmithKline (GSK), Pfizer, Schering-Plough, Wyeth, Cephalon and Celgene. It receives royalty revenues from King Pharmaceuticals (King), and GSK. In February 2007, it completed the sale of its AVINZA product line to King. Through October 2008, it received a 15% royalty on AVINZA net sales. In December 2009, Ligand Pharmaceuticals Incorporated acquired Neurogen Corporation. In January 2010, the Company completed the acquisition of Metabasis Therapeutics, Inc.