Ligand subsidiary Pelthos to merge with Channel Therapeutics; $50M capital raise

LIGAND PHARMACEUTICALS INC

Channel to acquire 100% of Pelthos; combined company renamed Pelthos Therapeutics, listing as PTHS on NYSE American.
Total $50M equity raised: $18M from Ligand, $32M from Murchinson-led investor group.
Ligand retains 13% royalty on worldwide sales of ZELSUVMI, FDA-approved for Molluscum contagiosum.
Scott Plesha to become CEO, Frank Knuettel CFO; board includes two Ligand appointees.
Transaction expected to close summer 2025, subject to customary conditions.

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