---
schema_version: "secwatch.filing_event.v1"
accession: "0000886163-25-000042"
form_type: "8-K"
ticker: "LGND"
cik: "0000886163"
company_name: "LIGAND PHARMACEUTICALS INC"
filed_at: "2025-07-02T23:59:59+00:00"
generated_at: "2026-05-18T09:51:20.315012+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000886163-25-000042
- form_type: 8-K
- ticker: LGND
- cik: 0000886163
- company_name: LIGAND PHARMACEUTICALS INC
- filed_at: 2025-07-02T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/886163/000088616325000042/0000886163-25-000042-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/886163/000088616325000042/lgnd-20250702.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000886163-25-000042
- JSON: https://secwatch.observer/filing/0000886163-25-000042.json
- Plain text: https://secwatch.observer/filing/0000886163-25-000042.txt

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