Ligand rises after Viking's study of VK2809 hits primary goal

Shares of Ligand Pharmaceuticals (LGND) are higher in early trading after Viking Therapeutics (VKTX) announced top-line results from a Phase 2 study of VK2809, its novel liver-selective thyroid receptor beta agonist, in patients with non-alcoholic fatty liver disease, or NAFLD, and elevated low-density lipoprotein cholesterol, or LDL-C. The study successfully achieved its primary endpoint, with patients receiving VK2809 demonstrating statistically significant reductions in LDL-C compared with placebo, Viking said. In May of 2014, the companies announced that Ligand licensed the rights to five programs to Viking. The drug candidates and programs covered by the license agreement included VK0612, VK5211, VK0214, a portfolio of orally available small molecule EPOR agonists for the potential treatment of anemia and a portfolio of orally available small molecule inhibitors of the enzyme DGAT-1 for the potential treatment of lipid disorders such as obesity and dyslipidemia. Also as part of that transaction, Ligand agreed to extend a $2.5M convertible loan facility to Viking that can be used to pay Viking's operating and financing-related expenses. In early trading, shares of Viking Therapeutics have more than doubled to $21.57. Meanwhile, Ligand is up 6% to $268.62 per share.