Ligand merges Pelican unit into Primrose Bio, retains 49.9% stake and milestone rights

LIGAND PHARMACEUTICALS INC

Subsidiary Pelican Technology merged into Primrose Bio; Ligand owns 49.9% of the combined company.
Ligand retains all existing Pelican Expression Technology royalties (RYLAZE, VAXNEUVANCE, V116, Teriparatide, Pneumosil, MenFive).
Ligand contributed $15M for rights to 50% of development milestones from two prior Primordial Genetics contracts.
Starting 2025, Ligand receives 25% of PeliCRM197 sales revenue above $3M and 35% of PeliCRM197 licensing revenue.
Combined platform pairs Pelican Expression Technology with Primordial Genetics' Function Generator for synthetic biology.

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