Ligand Pharmaceuticals and Avion Pharmaceuticals agreed to collaborate in the development and marketing of four research and development programs based on the former's Captisol material, a chemically modified cyclodextrin used for enhancing drug solubility and stability. The deal entitles Ligand to an undisclosed upfront fee, Captisol material sales revenue, milestone payments plus royalties on sales of Captisol-containing products.

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