09:18 AM EDT, 06/27/2024 (MT Newswires) -- Ligand Pharmaceuticals ( LGND ) said Thursday its Verona Pharma partner has received approval for Ohtuvayre from the US Food and Drug Administration to treat chronic obstructive pulmonary disease in adult patients in more than 20 years.

The company has earned a milestone payment of $5.8 million upon the regulator's approval of Ohtuvayre, while the commercial launch is expected during Q3, Ligand added.