Drug discovery specialists at Ligand take their antibody biz public via SPAC, aiming to build $850M company
When Ligand Pharmaceuticals unveiled plans to spin off its antibody discovery unit, OmniAb, last November, the board of directors had yet to approve a specific format for the split. The leading option, Ligand said at the time, was an IPO and distribution of shares to existing shareholders.
Four months later, they have a decision. And they’re going for the SPAC route.
OmniAb will still be going public, Ligand announced, but it’s doing so by merging with Avista Public Acquisition Corp. II (APAC), a blank check company set up by private equity firm Avista Capital Partners. The combined company will have an initial pre-money equity valuation of $850 million, according to the biotech.
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