ZELSUVMI is now commercially available via prescription through retail pharmacies, ASPN pharmacy services and for at-home delivery through mail-order pharmaciesOnce-daily topical prescription medication can be applied by patients, parents and caregivers outside of a physician's office, at home or on the goMolluscum contagiosum is a highly contagious viral skin condition that afflicts an estimated 16.7 million people with up to 6 million new incidents per year in the United States, most of them children DURH ...

JUPITER, Fla., July 10, 2025 (GLOBE NEWSWIRE) -- Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) today announced that its partner Pelthos Therapeutics Inc. (NYSE American: PTHS) has commercially launched ZELSUVMI™ (berdazimer) topical gel 10.3%, the first and only FDA-approved at-home treatment for molluscum contagiosum. The Company has earned a $5 million milestone payment from Pelthos following the commercial launch of ZELSUVMI. “Molluscum impacts millions of people in the U.S., particularly children. ...

Financial Performance and Guidance - Ligand's total revenue guidance for 2024 is $160-$165 million[21], with royalty revenue expected to be $105-108 million[22], representing a 27% increase from 2023[30] - The company anticipates adjusted EPS of $550-$570 in 2024[22], a 38% growth[30] - For 2025, Ligand forecasts total revenue of $180-$200 million[34], with royalty revenue growing by 30% over 2024[35] - Ligand projects royalty receipts to grow at a CAGR of 22% from 2024 to 2029[24, 40] Investment and Portfolio Activity - Ligand deployed $192 million across 8 different investments in 2024[21] - The company's Q4 pipeline includes over 30 actionable opportunities, representing over $1 billion of potential investments[61] - Ligand acquired Apeiron Biologics in July 2024 for approximately $100 million, gaining rights to Qarziba royalties[70] Key Products and Platforms - Ligand's Captisol platform is used in 16 approved products[99, 104] - Verona's Ohtuvayre, in which Ligand has royalty rights, achieved over $11 million in sales in the first 4 months following approval[75] - Travere's Filspari generated $356 million in Q3 2024, with 31% growth from Q2 2024[80] - Merck's Capvaxive, another royalty asset for Ligand, protects against strains that cause 84% of invasive pneumococcal disease[88]

Core Viewpoint - The merger between Channel Therapeutics Corporation and LNHC, Inc. has been completed, leading to the formation of Pelthos Therapeutics Inc., which will focus on launching ZELSUVMI™ for treating molluscum contagiosum infections starting July 2025 [1][2]. Company Overview - Pelthos Therapeutics Inc. is a biopharmaceutical company dedicated to commercializing innovative therapeutic products for high unmet patient needs [1][7]. - The company will trade on the NYSE American exchange under the ticker symbol "PTHS" beginning July 2, 2025 [1]. Merger Details - The merger involved CHRO Merger Sub Inc., a subsidiary of Channel Therapeutics, merging with LNHC, Inc., a subsidiary of Ligand Pharmaceuticals, with LNHC continuing as a subsidiary of Channel [1]. - The merger is seen as a significant milestone for Pelthos, facilitating the launch of ZELSUVMI™ and creating shareholder value [2][5]. Financial Aspects - Concurrent with the merger, Pelthos closed a $50.1 million equity private placement from strategic investors, which includes the cancellation of approximately $18.8 million in bridge capital previously advanced to support ZELSUVMI™'s commercial launch [3][5]. - The private placement involves investments in Series A Convertible Preferred Stock and common stock [3]. Product Information - ZELSUVMI™ (berdazimer) is a topical gel approved for treating molluscum contagiosum in adults and pediatric patients aged one year and older [4][6]. - It is the first and only prescription medication for this condition that can be administered at home, making it a novel treatment option [4][6]. - The product was developed using Pelthos' proprietary nitric oxide-based technology platform, NITRICIL™ [6]. Market Opportunity - Molluscum contagiosum is a common skin infection affecting an estimated 16.7 million people in the United States, indicating a significant market opportunity for ZELSUVMI™ [4].

Core Insights - Pelthos Therapeutics Inc. is set to launch ZELSUVMI™ for treating Molluscum contagiosum infections in July 2025, following the completion of a merger with Channel Therapeutics Corporation [1][2] - Ligand Pharmaceuticals has invested $18 million in Pelthos and will receive a 13% royalty on worldwide sales of ZELSUVMI [1][2] - Pelthos will begin trading on the NYSE American exchange under the ticker symbol "PTHS" on July 2, 2025 [1] Company Developments - The merger between Ligand's subsidiary LNHC, Inc. and Channel Merger Sub Inc. has been completed, forming Pelthos Therapeutics Inc. [1][2] - Pelthos raised $50.1 million in equity capital, with $32 million from a group of strategic investors and $18 million from Ligand [2] - The capital raised will support the commercial launch of ZELSUVMI and includes the cancellation of approximately $18.8 million in bridge capital previously advanced to Pelthos [2] Product Information - ZELSUVMI (berdazimer) is a topical gel approved for treating Molluscum contagiosum, a common skin infection affecting an estimated 16.7 million people in the U.S. [3] - It is the first and only prescription medication for this condition that can be administered at home by patients or caregivers [3] - Pelthos is also evaluating the development of Channel's existing NaV 1.7 programs for various types of chronic pain and post-surgical nerve blocks [3]

Core Insights - Ligand Pharmaceuticals reported a strong first quarter performance with total revenues of $45.3 million, a 46% increase from $31.0 million in the same period of 2024, driven by a 44% growth in royalty revenue [4][5] - The company reaffirmed its 2025 financial guidance, expecting total revenues between $180 million and $200 million, with adjusted earnings per diluted share projected to be between $6.00 and $6.25 [8][7] - Ligand's CEO highlighted the strength of the commercial royalty portfolio and the strategic transaction with Channel Therapeutics to accelerate the launch of ZELSUVMI, which is expected to create significant value for shareholders [3][9] Financial Performance - Total revenues for Q1 2025 were $45.3 million, with royalties contributing $27.5 million and Captisol sales at $13.5 million [4][5] - Research and development expenses surged to $50.1 million, primarily due to a one-time charge of $44.3 million related to a royalty financing agreement with Castle Creek Biosciences [4][5] - The GAAP net loss for Q1 2025 was $42.5 million, or $2.21 per share, compared to a net income of $86.1 million, or $4.75 per diluted share, in Q1 2024 [5][29] Strategic Transactions - Ligand announced a merger agreement with Channel Therapeutics, which will be supported by $50 million in capital from strategic investors [9][10] - The combined entity will focus on the commercialization of ZELSUVMI, the first FDA-approved prescription therapy for molluscum contagiosum infections [11][9] - Ligand's investment of $18 million in the combined company reflects its commitment to the growth of Pelthos Therapeutics [10][9] Portfolio Updates - Verona reported Ohtuvayre net sales of $71.3 million for Q1 2025, a 95% increase compared to the previous quarter [13] - Travere Therapeutics received European Commission approval for Filspari, enhancing its market position [14] - UroGen and Merck also reported significant advancements in their respective product pipelines, indicating a robust biopharmaceutical landscape [15][17] Cash Position - As of March 31, 2025, Ligand had cash, cash equivalents, and short-term investments totaling $208.9 million, including $24.2 million in Viking Therapeutics common stock [6][32]

Core Viewpoint - The proposed merger between Ligand Pharmaceuticals and Channel Therapeutics aims to enhance the commercialization of Pelthos' ZELSUVMI™, a novel FDA-approved drug for treating Molluscum contagiosum infections, with a capital raise of $50 million from strategic investors [2][4][6]. Company Overview - Ligand Pharmaceuticals is a biopharmaceutical company focused on enabling scientific advancement through financing and licensing technologies, aiming to create a diversified portfolio of revenue streams [14]. - Channel Therapeutics is a clinical-stage biotechnology company developing non-opioid therapeutics for pain management, with a focus on the NaV1.7 sodium ion-channel [12]. - Pelthos Therapeutics, a subsidiary of Ligand, is dedicated to commercializing innovative therapeutic products, including ZELSUVMI™ [10]. Product Details - ZELSUVMI™ (berdazimer) is a topical gel approved by the FDA in 2024 for the treatment of Molluscum contagiosum in patients aged one year and older, and is the first prescription therapy that can be applied at home [3][9]. - The product utilizes Pelthos' proprietary nitric oxide-based technology platform, NITRICIL™, and is designed to be easy to use for patients, parents, and caregivers [5][9]. Market Opportunity - Molluscum contagiosum is a common skin infection affecting an estimated 16.7 million people in the U.S., with a significant unmet medical need for effective home treatment options [4][5]. - The merger is expected to provide near-term revenue generation opportunities from ZELSUVMI™ and advance Channel's existing pain treatment programs [4][6]. Transaction Details - The merger agreement stipulates that Channel will acquire 100% of Pelthos' equity interests, with Ligand investing $18 million and the investor group contributing $32 million, totaling $50 million [6][7]. - The combined company will operate under the name Pelthos Therapeutics Inc. and will be listed on the NYSE American under the ticker PTHS [2][7]. Leadership Structure - Following the merger, Scott Plesha will serve as CEO of the combined company, while Frank Knuettel II will take on the role of CFO [7].