APAC to merge with Ligand's OmniAb antibody discovery business at $850M valuation

OmniAb, Inc.

Pre-money equity valuation of $850M; minimum $130M gross cash to combined company, up to $266M.
Avista commits up to $115M ($15M PIPE + $100M backstop); Ligand contributes $15M.
Ligand shareholders to own 75-84% of combined firm; APAC shareholders ~20%, Avista ~5%.
Transaction expected to close H2 2022; OmniAb to list on Nasdaq as 'OABI'.
Matt Foehr named CEO of OmniAb; Kurt Gustafson appointed CFO.

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