Welcome to our dedicated page for Ligand Pharma news (Ticker: LGND), a resource for investors and traders seeking the latest updates and insights on Ligand Pharma stock.
Ligand Pharmaceuticals Inc. (NASDAQ: LGND) is a biopharmaceutical innovator specializing in drug discovery technologies and strategic licensing partnerships. This page aggregates official updates about the company's research advancements, financial milestones, and Captisol® technology applications.
Investors and industry professionals will find timely updates on earnings reports, regulatory developments, and partnership announcements. Our curated collection includes press releases about new licensing agreements, clinical trial progress, and intellectual property expansions that shape LGND's position in the pharmaceutical sector.
Key areas of coverage include updates on royalty-bearing partnerships, Captisol® formulation breakthroughs, and corporate financial strategies. Bookmark this page to monitor how Ligand's lean operational model and diversified revenue streams continue to drive innovation in drug development.
Ligand Pharmaceuticals (NASDAQ: LGND) held an Investor and Analyst Day to review its business model and growth drivers following the successful spin-off of its OmniAb unit. Management highlighted a diverse partnership portfolio and a robust capital deployment strategy, emphasizing M&A opportunities in current market conditions. Key financial guidance for 2023 includes projected core revenue of
Ligand Pharmaceuticals (NASDAQ: LGND) announces John Higgins is retiring as CEO, effective immediately, with Todd C. Davis appointed as his successor. Higgins will remain on the board until December 31, 2022. Under Higgins' leadership, Ligand transitioned to a royalty-based model, now boasting nearly 150 partnered drugs. Davis, with extensive experience in biopharmaceuticals and a successful track record in royalty transactions, aims to enhance shareholder value and oversee strategic growth. An Investor and Analyst Day is scheduled for December 13, 2022, to discuss future plans.
Ligand Pharmaceuticals (NASDAQ: LGND) will host an Investor and Analyst Day on December 13, 2022, from 11:00 a.m. to 12:30 p.m. Eastern time in New York. The event will feature key executives including CEO John Higgins and CFO Tavo Espinoza. Topics will cover Ligand's business model, financial outlook, and technology platforms. A live webcast will also be available. Ligand is focused on developing technologies to support pharmaceutical companies, leveraging a diversified portfolio to reduce risks and enhance shareholder value.
Ligand Pharmaceuticals (LGND) reported $66.1 million in Q3 2022 revenue, a slight increase from $64.8 million a year prior. Royalty revenue rose 27% to $19.8 million, driven by Kyprolis, Rylaze, and Teriparatide. However, net income fell to $0.4 million ($0.02 per share) from $13.7 million ($0.80 per share) year-over-year. The company increased its 2022 revenue guidance to $184-$189 million, up from $133-$146 million. A significant focus is on the recent spin-off of the OmniAb business, which will impact future reporting. Ligand's cash reserves totaled $121.4 million as of September 30, 2022.
Ligand Pharmaceuticals has completed the spin-off of its OmniAb antibody discovery business, now known as OmniAb, Inc., which will begin trading on NASDAQ under the symbol 'OABI' from November 2, 2022. Ligand continues under the ticker 'LGND'. CEO John Higgins emphasized Ligand's focus on financial growth and highlighted a diversified portfolio of royalty revenues and late-stage programs. Executive updates include Matt Korenberg promoted to President and COO, Tavo Espinoza as CFO, and Andrew Reardon as Chief Legal Officer. Ligand will relocate its headquarters to Las Vegas, Nevada.
Ligand Pharmaceuticals has completed a tax-free distribution of its subsidiary OmniAb, distributing 4.90007 shares of OmniAb and 0.75842 earnout shares for each share of LGND held by shareholders as of October 26, 2022. Trading of OmniAb shares under the ticker symbol OABI will commence on November 2, 2022. The earnout shares will vest based on specific trading price milestones over five years, linked to share performance above $12.50 and $15.00. Ligand shareholders now own 85% of OmniAb's outstanding shares.
Ligand Pharmaceuticals (NASDAQ: LGND) is set to announce its third quarter 2022 financial results after the U.S. markets close on November 7, 2022. A conference call will occur at 4:30 PM Eastern Time, featuring key executives including CEO John Higgins and CFO Tavo Espinoza. The conference will also provide insights into Ligand's business developments. Investors can join the call via dial-in or through a webcast.
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 (NASDAQ: LGND) announced on October 3, 2022, the granting of non-qualified stock options to two non-executive employees as part of its 2022 Employee Inducement Plan. A total of 10,770 shares were awarded at an exercise price of $87.03, the closing stock price on the grant date. The options will vest over four years, with 12.5% vesting six months post-employment, and the remainder vesting monthly thereafter, subject to continued employment. This plan aligns with NASDAQ Listing Rule 5635(c)(4) facilitating employee recruitment.
