---
schema_version: "secwatch.filing_event.v1"
accession: "0000886163-25-000003"
form_type: "8-K"
ticker: "LGND"
cik: "0000886163"
company_name: "LIGAND PHARMACEUTICALS INC"
filed_at: "2025-02-25T23:59:59+00:00"
generated_at: "2026-05-26T05:19:18.260987+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Ligand leads $75M royalty financing for Castle Creek's D-Fi gene therapy Phase 3 trial

## Summary
- Ligand invested $50M and led syndicate of co-investors totaling $75M for high single-digit royalty on D-Fi worldwide sales.
- Castle Creek to use funds for Phase 3 trial of D-Fi (gene therapy) for dystrophic epidermolysis bullosa (DEB).
- Ligand also acquired $8.3M subordinated promissory note for $1.8M, due upon FDA approval of D-Fi.
- Co-investors include Paragon Biosciences, Valor Equity Partners, and XOMA Royalty Corp. (Nasdaq: XOMA).
- Warrants to purchase Series D-1 Preferred Shares exercisable until 2035.

## SEC filing metadata
- accession: 0000886163-25-000003
- form_type: 8-K
- ticker: LGND
- cik: 0000886163
- company_name: LIGAND PHARMACEUTICALS INC
- filed_at: 2025-02-25T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/886163/000088616325000003/0000886163-25-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/886163/000088616325000003/lgnd-20250224.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000886163-25-000003
- JSON: https://secwatch.observer/filing/0000886163-25-000003.json
- Plain text: https://secwatch.observer/filing/0000886163-25-000003.txt

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