Greetings. Welcome to the Ligand Pharmaceuticals First Quarter 2015 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. I'd now like to turn the conference over to your host, Todd Pettingill, Senior Manager of Corporate Development and Investor Relations. Thank you, Mr. Pettingill. You may now begin.

Welcome to Ligand's first quarter financial results for 2015 and business update conference call. Speaking today for Ligand are John Higgins, CEO; Matt Foehr, President and COO; and Nishan de Silva, VP of Finance & Strategy and CFO. As a reminder, today's call will contain forward-looking statements within the meaning of federal securities laws. These include, but are not limited to, statements regarding intent, belief, or current expectations of the company, its internal and partner programs including Promacta and KYPROLIS, and its management. These statements involve risks and uncertainties, and actual events or results may differ materially from the projections as described in today's press release and in this conference call. Additional information concerning risk factors and other matters concerning Ligand can be found in Ligand's public periodic filings with the Securities and Exchange Commission, which are available at www.sec.gov. The information in this conference call related to projections or other forward-looking statements represents the company's best judgment based on the information available and reviewed by the company as of today, May 11, 2015, and do not necessarily represent the views of Novartis, Amgen, or any of our other partners. Ligand undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call. At this time, I'll turn the call over to John Higgins. John L. Higgins - Chief Executive Officer & Director: Thank you, Todd. Good morning. Welcome, and thanks for joining for our first quarter 2015 earnings call. We've had a great start to 2015. Highlights this year so far includes strong growth in year-over-year cash flows, a positive Phase 3 data for major pipeline assets, a successful transition of Promacta to a stronger partner, numerous important regulatory developments, a new licensing deal, an acquisition, and the IPO of…

Thank you. We'll now be conducting a question-and-answer session. Thank you. Our first question is from the line of Matt Tiampo with Craig-Hallum. Please go ahead with your question.

Good morning, gentlemen. And congrats on an excellent start to the year. John L. Higgins - Chief Executive Officer & Director: Thank you, Matt.

I just had a couple of quick ones. I wanted to drill down a little bit on the acquisition. Mainly, what was the motivation from Selexis for the sale this time around? I think last time they were hoping to build out some production capability? And then can you give us any color around what the royalty rates might look like on those 15 products? Thanks. Nishan M. de Silva - Chief Financial Officer & Vice President-Finance & Strategy: Sure, Matt. This is Nishan. So I think the motivations are pretty similar to the first deal we did two years ago. Like you know, Selexis is a private Swiss company still controlled by the founders. And so they were looking to raise capital in a non-dilutive fashion to continue to advance and grow their business, including investing in new product lines to potentially bring in new technology through BD. So it's really a non-dilutive way of raising capital, so many similar themes as the first transaction with them two years ago. To your second question about the range of the royalties, it's again similar to the first transaction we did two years ago with them where they're low single-digit range royalties.

Great. Thanks. On the – I assume there's no change, but on general mix of business, I think you, last quarter, talked about maybe 50% from royalties, but just want to confirm that there's no change there? And then finally, from me, it looked like a really strong gross margin for material sales in the quarter and I'm just wondering what drove that, in particular? Nishan M. de Silva - Chief Financial Officer & Vice President-Finance & Strategy: So, Matt, I guess you have two questions on the royalties. Yeah, there's no change in our outlook in terms of the mix of royalties as a proportion of total revenue. I think to your second portion on gross margin, as always, it's a mix of commercial and clinical sales. And I think so that drives our gross margin. But then secondly, as Matt alluded to, we've been investing in our production capacity and ordering more from our supplier. We're achieving higher tiers in our relationship with them. We enjoy lower pricing in our purchasing price of Captisol. So that helps drive margins as well.

Great. Thanks very much.

The next question is from the line of Joe Pantginis with ROTH Capital. Please proceed with your questions.

Hey, guys. Good morning. Thanks for taking the question. Regarding the Selexis assets, can you give us sense of the, I guess, the relative stages for the assets that you just brought on and any potential news flow we might be seeing? Nishan M. de Silva - Chief Financial Officer & Vice President-Finance & Strategy: Sure, Joe. This is Nishan. So it's a mix, as we mentioned, from pre-clinical through Phase 3. I'd say overall probably more biased to the earlier stage pre-clinical Phase 1, but there are things represented throughout. And as we're able to over time, as with the first deal, we will kind of disclose some of those partnerships as we get permission from the partners and be able to talk about those more. But overall, very happy with the deal and a good mix of stage of assets that we acquired.

That's good. Thank you. And then I guess, maybe for Matt. With Novartis now with taking control of Promacta, I guess, can you characterize the later stage clinical trial programs in oncology? I guess, especially since Glaxo had, I guess, put together some earlier stage data with regard to the disease modifying characteristics of Promacta and where Novartis looks to take that? And separately with that, do you expect the same type of showing from Novartis at both like ASCO and ASH? Matthew W. Foehr - President & Chief Operating Officer: Thanks, Joe. I'll say just a few general remarks. One, we couldn't be happier about the transition with Novartis. As John was generally describing in his remarks, they are a much more substantial oncology player. And our taking over the asset really it couldn't be a better time in terms of the bigger indications that are to come that are related to oncology. At their earnings call they highlighted the work in MDS and AML. There's obviously ongoing work out there in CIT, and I'd say that in a general sense Novartis is much better positioned just because of their footprint and their experience and investment profile to capitalize on those opportunities. I would expect to continue to see data at scientific meetings. Novartis is obviously highly present at meetings like ASCO and ASH et cetera, and we couldn't be happier with the transition.

No, that's helpful. Thank you. And then maybe just one last quick one for John. I mean, John, with the biotech markets being so volatile right now, is it safe to assume that you guys are relatively still shopping? John L. Higgins - Chief Executive Officer & Director: Joe, yes, we're always evaluating opportunities. Really wanted to put in context our history of capital allocation as I did earlier in my remarks. There is no one type of deal that is the standard deal for Ligand. In weaker or distressed markets, where we can find good value in targets, we may be more active with M&A. The last several years, the markets have been performing incredibly well. Companies are flush with cash. So we've been doing more out-licensing, which has been supremely efficient for us, instead of us deploying capital in terms of funding these companies directly or acquiring – spending cash to acquire companies, we're actually receiving cash in the form of license fees and milestones to out-license our technology. So the end purpose of our strategy is to amass a large portfolio of fully funded assets. So we are doing it in a variety of ways. And, yes, as the markets kind of transition through a different state, we'll continue to evaluate targets. And if we see good value, I think that's the hallmark of our deal making is discipline in trying to target good value, that's where we'll turn our sights and pursue other opportunities.

Great. Thanks, guys. John L. Higgins - Chief Executive Officer & Director: Sure. Thank you.

Thank you. We've reached the end of our Q&A session for today. I'll turn the line back to Mr. John Higgins for closing comments. John L. Higgins - Chief Executive Officer & Director: Thank you. Really, again, appreciate people's attention today and attendance. We know it's a busy day being the last day of earnings season. As investors know, we often have to push our call later in the cycle as we're aggregating information from our corporate partners. Obviously, we'd like to keep our commentary fresh and relevant, as it relates to the disclosures of our partners. So thank you for joining us. The business is doing well. Financially, clearly, we're enjoying a strong financial growth hand we're pleased with our performance here early in 2015. As investors look at Ligand, we encourage you to look at the size of our portfolio, it's the largest ever. We encourage you to take a look at the performance of our later stage in commercial assets that are partnered. Again, there is good data coming out of our partners, there is good progression of our late stage assets that are partnered and obviously, there's been some nice performance by our commercial assets that are also partnered. And finally, again in regards to capital allocation, we have a history now of acquiring companies, of acquiring technologies, of acquiring one-off assets, we've done share repurchases, we have invested in private companies that now have gone public. Again, there's really a very broad array of deal making that is a strong foundation to our ability to drive our asset portfolio. We're pleased with the business. The next two months, we have attendance at several conferences; Bank of America investor conference, Matt and I will be presenting at tomorrow. We'll be at Craig-Hallum's conference in late May in Minneapolis. ROTH is hosting a conference in London. We have a nice cadre of European investors, and we look forward to seeing them in late June. And then we will also be at Cantor's investors conference in early July. So we appreciate the chance to interface with our investors. And again thank you for your interest in Ligand. With that, I'll turn the call over to the operator.

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. We thank you today for your participation.