Wyeth and Ligand bone drug gets Europe approval

Wyeth and Ligand Pharmaceuticals Inc. said Monday that European Union regulators gave marketing approval for the osteoporosis drug Conbriza.

The drug is intended to reduce the risk of bone fracture in postmenopausal women, and Wyeth has been trying for almost two years to secure approval in the U.S. Wyeth handles marketing of the drug, and plans to begin selling it when reimbursement authorizations are set.

Ligand, of San Diego, will get a milestone payment of $555,000 based on the approval, and is also due to receive royalty payments on sales.