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Ligand Pharmaceuticals Incorporated (Nasdaq:LGNDE), San Diego, has received approval from the FDA for the production of AVINZA(R) (morphine sulfate extended-release capsules) at the Cardinal Health (NYSE:CAH) facility located in Winchester, Kentucky. Ligand and Cardinal Health also have a productive, long-standing relationship for the finished-product production of Targretin(R) soft-gel capsules. AVINZA(R) is currently being manufactured for Ligand by Elan Corporation plc in its Gainesville, Georgia facilities.
Under the terms of an agreement announced in 2004, manufacturing of AVINZA will commence for a five-year term. Ligand has an option to extend for an additional two-year period. Financial terms...