Ligand spin-out spies share of growing antibody discovery market
In the latest in a series of life sciences SPAC mergers, Ligand Pharmaceuticals (Nasdaq: LGND) is to use the approach to hive off its antibody business.
The company’s antibody discovery biotech, OmniAb, will be spun-out and then immediately merged with a newly-formed subsidiary of Avista Public Acquisition Corp II (APAC), a blank check company.
APAC, a private equity firm focused on the healthcare industry, will invest up to $115 million in the combined company, whereas Ligand will contribute $15 million.
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