LGND - Ligand Pharma jumps 32% as OmniAb completes spinoff and merger

• Ligand Pharmaceuticals ( NASDAQ: LGND ) gained ~32% pre-market Wednesday after drug discovery company OmniAb ( OABI ) announced the completion of the spinoff from the biotech and subsequent merger with Avista Public Acquisition Corp. II.
• As a result, OmniAb ( OABI ) will become an independent firm with public trading expected to start on Nov. 02 on Nasdaq under the stock ticker symbol “OABI,” the company said.
• Based on redemptions and estimated deal-related expenses, OmniAb ( OABI ) expects ~$95M in cash with the closing of the transaction.
• “The OmniAb discovery platform is the culmination of several years of scientific discoveries and innovations brought together and advanced by a dedicated team of talented scientists,” Chief Executive Matt Foehr remarked.

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