By Colin Kellaher
Ligand Pharmaceuticals has struck a deal to combine its Pelthos Therapeutics unit with Channel Therapeutics in a bid to accelerate the commercialization of its Zelsuvmi treatment for molluscum contagiosum infections.
Ligand on Thursday said it will invest $18 million in the combined company, which will operate as Pelthos Therapeutics, while a group led by investment firm Murchinson will chip in an additional $32 million.
Channel, a Freehold, N.J., clinical-stage biotechnology company that had a market capitalization of around $7.7 million based on Thursday's closing share price of $1.26, said its shareholders will own about 7.7% of the combined company, while Ligand will own about 55% and the other investors will own roughly 37%.
Channel shares were recently up nearly 20% at $1.50 in premarket trading.
The U.S. Food and Drug Administration in January 2024 approved Zelsuvmi as the first novel drug for the treatment of molluscum contagiosum, a highly contagious viral skin infection.
Jupiter, Fla., biopharmaceutical company Ligand last year formed Pelthos to accelerate commercialization of the drug.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 17, 2025 07:31 ET (11:31 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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