Ligand Pharmaceuticals Incorporated (Ligand) (NASDAQ: LGND) announced Wednesday the signing of a definitive merger agreement with Avista Public Acquisition Corp. II (APAC) (NASDAQ: AHPA), a publicly traded special purpose acquisition company (SPAC), providing for the spin-off of OmniAb, Inc. (OmniAb), Ligand’s antibody discovery business, immediately followed by a merger with a newly formed subsidiary of APAC. Upon the closing of the transaction, Avista Capital Partners (Avista), APAC’s sponsor and a leading private equity firm focused on the healthcare industry, has agreed to invest up to $115 million in the combined company, and Ligand will contribute $15 million.
Read the full article: Ligand to Spin-Off Its OmniAb Business through Merger with Avista Public Acquisition Corp. II //
Source: https://www.businesswire.com/news/home/20220323005896/en/Ligand-to-Spin-Off-its-OmniAb-Business-Through-Merger-with-Avista-Public-Acquisition-Corp.-II