Avista SPAC to combine with OmniAb (Ligand antibody business) at $850M pre-money value

OmniAb, Inc.

OmniAb valued at $850M pre-money; earnout of up to 15M shares with $12.50/$15.00 VWAP targets.
Sponsor to purchase $15M in APAC common + warrants via Forward Purchase, backstop up to $100M for redemptions.
Transaction includes Distribution of OmniAb stock to Ligand shareholders immediately prior to Merger.
Post-closing APAC will redomicile to Delaware and list on Nasdaq under 'OABI' (warrants 'OABIW').
Conditions include HSR clearance, APAC shareholder approval, Nasdaq listing, and net tangible assets ≥$5M.

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