Ligand and Organon have agreed to terminate their co-promotion deal for the pain drug Avinza, with Ligand regaining the rights to the drug. Ligand will make three payments--$14.7 million this month, $37.75 million by October 15 and $10 million more by mid-January 2007. Organon also stands to gain royalty payments under the arrangement. Avinza was approved by the FDA in 2002. "This new agreement will give us the flexibility to explore all strategic alternatives for Avinza and Ligand with various potential strategic partners in the coming months," said David E. Robinson, Ligand chairman, president and CEO.

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