---
schema_version: "secwatch.filing_event.v1"
accession: "0000886163-22-000129"
form_type: "8-K"
ticker: "LGND"
cik: "0000886163"
company_name: "LIGAND PHARMACEUTICALS INC"
filed_at: "2022-11-04T23:59:59+00:00"
generated_at: "2026-06-22T07:28:06.416450+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Ligand completes OmniAb spin-off and merger with APAC; new President and CFO appointed

## Summary
- Completed separation and merger of OmniAb antibody discovery business with Avista Public Acquisition Corp. II (SPAC) on Nov 1, 2022.
- Ligand shareholders received 4.90007 New OmniAb shares per Legacy OmniAb share plus 0.75842 earnout shares.
- Post-transaction ownership: Ligand shareholders ~85%, APAC public ~1.1%, sponsor ~13.9% of New OmniAb.
- Three directors (Boyce, Cochran, Patel) and COO/General Counsel resigned; Korenberg appointed President/COO, Espinoza appointed CFO.
- Adopted amended severance plan and entered change-in-control severance agreements with new executives.

## SEC filing metadata
- accession: 0000886163-22-000129
- form_type: 8-K
- ticker: LGND
- cik: 0000886163
- company_name: LIGAND PHARMACEUTICALS INC
- filed_at: 2022-11-04T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/886163/000088616322000129/0000886163-22-000129-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/886163/000088616322000129/lgnd-20221101.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000886163-22-000129
- JSON: https://secwatch.observer/filing/0000886163-22-000129.json
- Plain text: https://secwatch.observer/filing/0000886163-22-000129.txt

## Key facts
- Executive change
  Sunil Patel resigned as director at LIGAND PHARMACEUTICALS INC.
  - Action: resigned
  - Role: director
  source text: Sarah Boyce, Jennifer Cochran and Sunil Patel each resigned from Ligand’s board of directors.
  evidence_url: https://www.sec.gov/Archives/edgar/data/886163/000088616322000129/0000886163-22-000129-index.htm
- Executive change
  Octavio Espinoza was appointed as Chief Financial Officer at LIGAND PHARMACEUTICALS INC.
  - Action: appointed
  - Role: Chief Financial Officer
  source text: Octavio Espinoza , 52, was appointed as Ligand’s Chief Financial Officer, replacing Mr. Korenberg in his roles as principal financial officer and principal accounting officer.
  evidence_url: https://www.sec.gov/Archives/edgar/data/886163/000088616322000129/0000886163-22-000129-index.htm
- Executive change
  Charles Berkman resigned as Senior Vice President, General Counsel and Secretary at LIGAND PHARMACEUTICALS INC.
  - Action: resigned
  - Role: Senior Vice President, General Counsel and Secretary
  source text: Matthew Foehr and Charles Berkman resigned as Ligand’s President and Chief Operating Officer and Senior Vice President, General Counsel and Secretary, respectively.
  evidence_url: https://www.sec.gov/Archives/edgar/data/886163/000088616322000129/0000886163-22-000129-index.htm
- Executive change
  Jennifer Cochran resigned as director at LIGAND PHARMACEUTICALS INC.
  - Action: resigned
  - Role: director
  source text: Sarah Boyce, Jennifer Cochran and Sunil Patel each resigned from Ligand’s board of directors.
  evidence_url: https://www.sec.gov/Archives/edgar/data/886163/000088616322000129/0000886163-22-000129-index.htm
- Executive change
  Sarah Boyce resigned as director at LIGAND PHARMACEUTICALS INC.
  - Action: resigned
  - Role: director
  source text: Sarah Boyce, Jennifer Cochran and Sunil Patel each resigned from Ligand’s board of directors.
  evidence_url: https://www.sec.gov/Archives/edgar/data/886163/000088616322000129/0000886163-22-000129-index.htm
- Executive change
  Matthew Korenberg was appointed as President and Chief Operating Officer at LIGAND PHARMACEUTICALS INC.
  - Action: appointed
  - Role: President and Chief Operating Officer
  source text: Matthew Korenberg , 47, who until then served as Ligand’s Executive Vice President, Finance and Chief Financial Officer was appointed as Ligand’s President and Chief Operating Officer.
  evidence_url: https://www.sec.gov/Archives/edgar/data/886163/000088616322000129/0000886163-22-000129-index.htm
- Executive change
  Matthew Foehr resigned as President and Chief Operating Officer at LIGAND PHARMACEUTICALS INC.
  - Action: resigned
  - Role: President and Chief Operating Officer
  source text: Matthew Foehr and Charles Berkman resigned as Ligand’s President and Chief Operating Officer and Senior Vice President, General Counsel and Secretary, respectively.
  evidence_url: https://www.sec.gov/Archives/edgar/data/886163/000088616322000129/0000886163-22-000129-index.htm
- M&A Transactions
  LIGAND PHARMACEUTICALS INC completed a disposition involving New OmniAb, Inc. (formerly Avista Public Acquisition Corp. II) (closed 2022-11-01).
  - Action: disposition
  - Counterparty: New OmniAb, Inc. (formerly Avista Public Acquisition Corp. II)
  - Closing: 2022-11-01
  source text: On November 1, 2022 (the “Distribution Date”), Ligand completed the separation (the “Separation”) of its antibody discovery business and certain related assets and liabilities (the “OmniAb Business”) through a spin-off of Legacy OmniAb to Ligand’s shareholders of record as of October 26, 2022 (the “Record Date”) on a pro rata basis (the “Distribution”) and merger (the “Merger”) of Legacy OmniAb with a wholly owned subsidiary of New OmniAb in a Reverse Morris Trust transaction (collectively, the “Transactions”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/886163/000088616322000129/0000886163-22-000129-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.