AHPAU - Ligand Pharmaceuticals to spin off OmniAb business through merger with Avista Public Acquisition Corp. II

Ligand Pharmaceuticals (LGND) signs merger agreement with Avista Public Acquisition (AHPAU) a SPAC, providing for the spin-off of OmniAb, Ligand’s antibody discovery business, immediately followed by a merger with a newly formed subsidiary of APAC. The combined company will be led by Ligand’s President, Matt Foehr, and will be renamed “OmniAb, Inc.” APAC’s sponsor and a leading private equity firm focused on the healthcare industry, has agreed to invest up to $115M in the combined company, and Ligand will contribute $15M. The combined company will have an initial pre-money equity valuation of $850M.  The transaction is expected to close in the second half of 2022. Stock rises 3% during after hours trade.

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Ligand Pharmaceuticals to spin off OmniAb business through merger with Avista Public Acquisition Corp. II