Ligand Pharmaceuticals

Ligand Pharmaceuticals' subsidiary Pelthos Therapeutics will merge with Channel Therapeutics in a $50 million transaction, creating a publicly traded company focused on commercializing Zelsuvmi for molluscum contagiosum infections.

• The merger between Channel Therapeutics and Pelthos Therapeutics includes a $50 million equity investment to accelerate the commercial rollout of Zelsuvmi, the first FDA-approved at-home treatment for molluscum contagiosum. • Zelsuvmi (berdazimer) topical gel, 10.3%, utilizes Pelthos' proprietary Nitricil platform to deliver controlled nitric oxide release, eliminating the need for invasive in-office procedures for patients aged 1 and older. • The combined company will be led by Pelthos CEO Scott Plesha, with Channel's CEO Frank Knuettel II becoming CFO, with the transaction expected to close in summer 2025 pending regulatory approvals.

Over 50 pharmaceutical companies are actively developing 55+ pipeline therapies for chronic hepatitis B virus (HBV) infection, signaling a robust research landscape aimed at achieving functional cures beyond current suppressive treatments.

• Ligand Pharmaceuticals has secured a $75 million royalty financing agreement, investing $50 million alongside a $25 million syndicate investment, to support Castle Creek's Phase 3 trial of D-Fi gene therapy. • D-Fi, an autologous gene-modified cell therapy, targets dystrophic epidermolysis bullosa (DEB), a devastating genetic skin disorder, and has received multiple FDA designations including Orphan Drug and Fast Track status. • The agreement grants investors a high-single digit royalty on worldwide D-Fi sales, representing a strategic advancement in addressing an unmet medical need through innovative gene therapy development.

• Palvella Therapeutics has been awarded a $2.6 million grant from the FDA to support the Phase 3 SELVA trial of QTORIN 3.9% rapamycin anhydrous gel. • The SELVA trial is evaluating QTORIN rapamycin for the treatment of microcystic lymphatic malformations (LMs), a rare and debilitating genetic disease. • QTORIN rapamycin has received FDA Breakthrough Therapy, Fast Track, and Orphan Drug Designations for microcystic LMs, highlighting its potential impact. • The Phase 3 trial is a 24-week, single-arm, baseline-controlled study expected to enroll 40 subjects at vascular anomaly centers across the U.S.

Agenus secured a $100 million royalty financing agreement with Ligand Pharmaceuticals to advance the BOT/BAL program, including a Phase 3 study in relapsed/refractory MSS CRC.