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Ligand Pharmaceuticals (NASDAQ: LGND) announced that Janssen Biotech has received FDA approval for TECVAYLI (teclistamab), a bispecific antibody for relapsed or refractory multiple myeloma, utilizing OmniAb technology. Ligand's OmniAb is set to earn a $25 million milestone payment upon TECVAYLI's first commercial sale in the U.S. This marks the first FDA approval of an OmniAb-derived antibody, enhancing Ligand's strategic position in the antibody discovery market. The spin-off of OmniAb from Ligand is on track to close on November 1, 2022.
Ligand Pharmaceuticals announced that shareholders of Avista Public Acquisition Corp. II (APAC) approved the business combination with OmniAb. This vote saw 96% support, with OmniAb expecting about $95 million in net cash post-closure on November 1, 2022. Ligand shareholders will receive shares of OmniAb based on a calculated exchange ratio, estimated at 4.9 shares of New OmniAb per Ligand share. Additionally, earnout shares based on performance metrics over five years will be distributed. Two-way trading for Ligand is set for October 25, 2022, under different Nasdaq symbols.
Ligand Pharmaceuticals has set October 26, 2022, as the record date for a dividend distribution of OmniAb, Inc. shares to Ligand shareholders, aimed at separating the two companies. The distribution will occur around November 1, 2022, coinciding with the merger of OmniAb and Avista Public Acquisition Corp. II (NASDAQ: AHPA). Ligand's shareholders will receive shares representing 100% of Ligand's interest in OmniAb, with estimates suggesting roughly 4.9 shares of New OmniAb for every Ligand share. Additional earnout shares will also be provided based on trading performance.
Ligand Pharmaceuticals announced that Janssen Biotech received conditional marketing authorization from the European Commission for TECVAYLI (teclistamab), a bispecific antibody for relapsed or refractory multiple myeloma. This marks the first approval of an OmniAb-derived bispecific antibody in Europe. Ligand's OmniAb is set to receive a
Ligand Pharmaceuticals reported Q1 2022 financial results with revenue of $45.7 million, down from $55.2 million year-over-year. Despite a 93% increase in royalty revenue to $13.7 million, COVID-19 related Captisol sales declined significantly. The net loss was $(15.4) million, or $(0.91) per share. Ligand reaffirms its 2022 revenue guidance of $147 million to $172 million and adjusted EPS guidance of $1.70 to $2.20, including contributions from OmniAb and COVID-related sales. The planned spin-off of OmniAb through a merger with Avista SPAC is anticipated to close later this year.
Ligand Pharmaceuticals has entered a merger agreement with Avista Public Acquisition Corp. II. This transaction involves a spin-off of OmniAb, Ligand's antibody discovery business, into an independent public company. Shareholders of Ligand will receive 100% of OmniAb shares in a tax-free distribution. The deal includes a $115 million investment from Avista, alongside Ligand's $15 million contribution, valuing the combined company at $850 million. The transaction is expected to close in the second half of 2022, subject to regulatory approvals.
Avista Public Acquisition Corp. II has successfully priced its initial public offering (IPO) of 23,000,000 units at $10.00 each, raising $230 million. The offering includes 3,000,000 units from an overallotment option exercised in full. Trading began on August 10, 2021, under the ticker symbol AHPAU on Nasdaq. Each unit comprises one Class A ordinary share and one-third of a redeemable warrant, with full warrants allowing for the purchase of shares at $11.50. The company focuses on mergers and acquisitions in the healthcare sector.
