Todd Davis: Ligand Pharmaceuticals announces agreement to combine Pelthos with Channel Therapeutics
Todd Davis, Chief Executive Officer and Director of Ligand Pharmaceuticals, shared a post on LinkedIn:
“Our multi-year journey with the exceptional team at Pelthos Therapeutics has entered an exciting new chapter.
Today, Ligand Pharmaceuticals announced a definitive agreement to combine Pelthos with Channel Therapeutics, a NYSE American-listed company, to accelerate the commercialization of ZELSUVMI, an FDA-approved prescription therapy for molluscum contagiosum that we acquired a few years ago.
This proposed transaction is significant, as it will raise $50 million in equity capital to support the launch of this innovative product and enhance a publicly traded biopharma company. Ligand is entitled to a 13% royalty on worldwide net sales, providing a compelling opportunity to deliver both near- and long-term value to our shareholders.
This deal could not have happened without the tireless efforts of our investment team, particularly Rich Baxter, who led the transaction. We executed a complex restructuring to acquire the Pelthos assets, incubated the technology that developed ZELSUVMI, achieved FDA approval for this first-in-class medication, and assembled a world-class team to bring this therapy to market.
Today’s transaction builds on Ligand’s successful track record of identifying highly differentiated assets and executing customized deals to maximize their value through equity and royalty rights. Deals like this one distinguish Ligand’s business model and value creation strategy.
We look forward to collaborating with Pelthos and their new financing partner, Murchinson, as we endeavor to bring this novel product to physicians and patients this summer.
You can read the announcement here.”
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