Avista SPAC (APAC) to Combine with Ligand's OmniAb in Spin-off and Business Combination
October 24, 2022
Ligand Pharmaceuticals will spin off its OmniAb antibody discovery business to shareholders and OmniAb will merge with Avista Public Acquisition Corp. II (APAC), making OmniAb a standalone, publicly-traded company. Avista Capital Partners has committed up to $115 million of investment and Ligand will contribute $15 million, providing the combined company with significant cash reserves to support growth and continued platform development.
- Buyers
- Avista Public Acquisition Corp. II (APAC), Avista Capital Partners
- Targets
- OmniAb, Inc.
- Sellers
- Ligand Pharmaceuticals Incorporated
- Industry
- Biotechnology
- Location
- California, United States
- Transaction Type
- Divestiture
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