Ligand spins out and merges Pelican subsidiary with Primordial Genetics

Ligand Pharmaceuticals announced that it has entered into a merger agreement, pursuant to which its subsidiary, Pelican Technology Holdings, Inc., has become a wholly owned subsidiary of Primrose Bio, Inc. Primrose Bio is a stand-alone private company focused on synthetic biology. As part of the transaction, Ligand retains the existing commercial royalties related to the Pelican Expression Technology and will own 49.9% of Primrose Bio. Simultaneous with the merger, Ligand entered into a Purchase and Sale Agreement with Primrose Bio and contributed $15 million in exchange for a portion of the economic rights from two contracts previously entered into by Primordial Genetics and an economic interest in potential future revenues generated from PeliCRM197.