LGND - Ligand Pharma Updates Annual Guidance As It Spins Out Pelican Subsidiary | Benzinga
Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) entered into a merger agreement under which its subsidiary, Pelican Technology Holdings Inc, has become a wholly owned subsidiary of Primrose Bio Inc.
Primrose Bio is a stand-alone private company focused on synthetic biology. As part of the transaction, Ligand retains the existing commercial royalties related to the Pelican Expression Technology and will own 49.9% of Primrose Bio.
Simultaneous with the merger, Ligand entered into a Purchase and Sale Agreement with Primrose Bio and contributed $15 million ...