Sydnexis, Inc., a biopharmaceutical company focused on developing a novel low-dose atropine formulation to treat pediatric progressive myopia (PPM), today announced an agreement with Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) to sell its royalty rights associated with net sales of Ryjunea® in Europe, the Middle East, and Africa (EMEA).

Under the terms of the agreement, Ligand will pay $23 million upfront to acquire a 100% interest in certain payments and related rights under Sydnexis’ existing license agreement with Santen. Sydnexis retains all rights to SYD-101 in the U.S. and all other non-Santen licensed territories.