The next Sage? Shkreli partner Ligand puts together another sweet startup package deal for Seelos
San Diego-based Ligand Pharmaceuticals $LGND has created a startup licensing package for a still incipient drug developer, complete with a built-in loan and some modest upfront terms for a pipeline that includes a Phase III-ready Parkinson’s drug.
The startup is called Seelos Therapeutics, which is registered in New York and run by one Raj Mehra.
In the deal, which has an interesting structure, Seelos can pay $1.3 million in equity or cash once it raises $7.5 million in venture backing. There’s another $3.5 million due if the company becomes public. And if certain unspecified conditions are met, Ligand will throw in a $500,000 loan.
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