Ligand completes merger with Channel Therapeutics; Pelthos starts trading July 2 under PTHS

LIGAND PHARMACEUTICALS INC

Ligand subsidiary merges with Channel; combined company renamed Pelthos Therapeutics, trading on NYSE American as PTHS.
Ligand invests $18M in Pelthos; entitled to 13% royalty on worldwide net sales of ZELSUVMI.
Pelthos raises total $50.1M equity from Ligand and Murchinson-led investor group.
ZELSUVMI (berdazimer) topical gel, FDA-approved for molluscum, to launch July 2025; first at-home prescription treatment.
Pelthos to also evaluate Channel's NaV 1.7 pain development programs for chronic pain and eye pain.

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