OmniAb, the antibody division of Ligand Pharmaceuticals, is set to go public through a SPAC merger that will infuse the business with up to $266 million. The deal comes as traditional IPOs have mostly ground to a halt due to uncertain market conditions, but Ligand is making a longer-term bet on growing demand for antibody drug discovery services.
Ligand Pharmaceuticals has turned a series of antibody discovery acquisitions into a growing business unit. Ligand now wants to spin it off as a separate company, but that new company will compete head to head against established antibody players AbCellera and Adimab.
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This acquisition is a logical fit for Ligand, as OMT will add a slew of monoclonal antibody therapeutics to its small molecule-dominant pipeline.
A San Diego biotech startup focused on treating metabolic and endocrine disorders has picked up a portfolio of drug candidates and a $2.5 million investment from Ligand Pharmaceuticals (NASDAQ:LGND). Viking Therapeutics said it’s licensed five programs from Ligand, including a Phase 2 program aimed at type 2 diabetes and another at wasting syndrome in cancer. […]
A GlaxoSmithKline orphan drug developed to treat a rare blood disorder characterized by a low number of platelets in the blood now has full U.S. Food and Drug Administration approval.