EMERYVILLE, Calif.–(BUSINESS WIRE)–OmniAb , Inc. (NASDAQ: OABI) within the current day launched the completion of the anticipated tax-free spin-off from Ligand Prescription drugs Built-in (NASDAQ: LGND) and the subsequent enterprise combination with Avista Public Acquisition Corp. II (NASDAQ: AHPA), resulting in OmniAb turning into an neutral publicly traded agency.
Primarily based totally on exact redemptions and estimated transaction payments, OmniAb expects to have roughly $95 million in cash at closing. OmniAb will begin regular-way shopping for and promoting November 2, 2022 on Nasdaq beneath the stock ticker picture “OABI.”
“The OmniAb discovery platform is the top results of numerous years of scientific discoveries and enhancements launched collectively and superior by a loyal workforce of proficient scientists,” acknowledged Matt Foehr, Chief Authorities Officer.
“As an neutral publicly traded agency, OmniAb will proceed to search out and innovate as we focus on our mission to push the frontiers of drug discovery utilized sciences and permit our companions’ quick enchancment of revolutionary therapeutics.”
OmniAb Administration Exchange
Alongside facet the transaction, OmniAb moreover launched key administration and board appointments. OmniAb is led by an expert workforce of commerce veterans complemented by newest additions with important experience in setting up firms and creating cutting-edge know-how.
“In anticipation of this transaction, we assembled a world-class administration workforce at OmniAb,” stated Mr. Foehr. “Together with our stellar scientific leaders, a lot of whom have been with OmniAb for numerous years, I am thrilled to be joined by Kurt Gustafson as Chief Financial Officer and Charles Berkman as Chief Licensed Officer.”
Kurt Gustafson joined OmniAb as Chief Financial Officer in March 2022 in preparation for the spin-off and enterprise combination. Mr. Gustafson beforehand served as Authorities Vice President and Chief Financial Officer of Spectrum Prescription drugs. Earlier to Spectrum, he served as Vice President and Chief Financial Officer at Halozyme Therapeutics, with accountability for finance, information know-how, companies and human belongings.
Earlier, Mr. Gustafson labored at Amgen for larger than 18 years, holding roles corresponding to Treasurer, Vice President, Finance and Chief Financial Officer of Amgen Worldwide in Switzerland. Mr. Gustafson is a director of Xencor, a clinical-stage biopharmaceutical agency. He obtained a B.A. in accounting from North Park School and an MBA from the School of California, Los Angeles.
Charles Berkman has served as OmniAb’s Chief Licensed Officer since March 2022 in preparation for the spin-off and enterprise combination. Mr. Berkman beforehand served in quite a few roles of accelerating accountability at Ligand, most not too way back as Senior Vice President, Widespread Counsel and Secretary.
Earlier to changing into a member of Ligand, Mr. Berkman was an lawyer with the worldwide laws company Baker & McKenzie. Earlier, he served as an lawyer with Lyon & Lyon, the place he specialised in psychological property laws. Mr. Berkman holds a B.S. in chemistry from the School of Texas and a J.D. from the School of Texas School of Laws.
OmniAb Board of Directors Exchange
Concurrent with the completion of the OmniAb spin-off, former Ligand directors Jennifer Cochran, Ph.D., Sarah Boyce and Sunil Patel, and current Ligand director and CEO John Higgins, joined the OmniAb board. Moreover appointed had been Carolyn Bertozzi, Ph.D., Joshua Tamaroff and Matt Foehr, bringing the number of OmniAb directors to seven.
“Plenty of prior members of the Ligand board had been deeply involved in setting up the OmniAb enterprise over the earlier numerous years and may proceed to supply worthwhile notion to the OmniAb workforce,” acknowledged John Higgins, OmniAb Chairman.
“In addition to, the appointment of Dr. Carolyn Bertozzi brings a tremendous wealth of data in translating fashionable innovation into smart utility, highlighted by numerous prestigious awards along with most not too way back the Nobel Prize in Chemistry. We moreover stay up for our continued relationship with Avista Capital Companions, and leveraging their expertise in setting up differentiated firms as OmniAb continues to execute on its progress plan.”
Dr. Bertozzi has served at Stanford School since 2015 as a result of the Anne T. and Robert M. Bass Professor of Chemistry, a professor of Chemical and Applications Biology and Radiology and the Baker Family Co-Director of Stanford ChEM-H.
Dr. Bertozzi has moreover served as an Investigator on the Howard Hughes Medical Institute since 2000. Earlier to Stanford, she was a professor of chemistry and molecular and cell biology on the School of California, Berkeley. Dr. Bertozzi beforehand was a director of Eli Lilly and Agency. She holds an A.B. summa cum laude in chemistry from Harvard School and a Ph.D. in chemistry from the School of California, Berkeley.
Dr. Bertozzi was awarded the 2022 Nobel Prize in Chemistry and the 2022 Wolf Prize in Chemistry
Mr. Tamaroff joined Avista Capital Companions (Avista) in 2009 and presently serves as a Affiliate. Earlier to changing into a member of Avista, Mr. Tamaroff labored as an analyst throughout the leveraged finance group at Lehman Brothers and Barclays Capital.
Mr. Tamaroff presently serves as a director of Cosette Prescription drugs, GCM Holding Firm, Probo Medical, Solmetex and United BioSource Firm, and beforehand served as a director of InvestorPlace Media, IWCO Direct, OptiNose, Organogenesis Holdings and WideOpenWest. Mr. Tamaroff obtained a B.S. from Cornell School and an MBA from the Wharton School of the School of Pennsylvania, the place he was a Palmer Scholar.
Please go to https://traders.omniab.com/ for added information referring to the spin-off, enterprise combination and administration updates, along with hyperlinks to filings with the U.S. Securities and Commerce Charge.
OmniAb’s discovery platform provides pharmaceutical commerce companions entry to varied antibody repertoires and high-throughput screening utilized sciences to permit discovery of next-generation therapeutics.
On the coronary coronary heart of the OmniAb platform is the Natural Intelligence™ (BI) of our proprietary transgenic animals, along with OmniRat, OmniChicken and OmniMouse which had been genetically modified to generate antibodies with human sequences to facilitate enchancment of human therapeutic candidates.
OmniFlic (transgenic rat) and OmniClic (transgenic rooster) take care of commerce desires for bispecific antibody capabilities though a normal delicate chain technique, and OmniTaur choices distinctive structural attributes of cow antibodies for superior targets.
We think about the OmniAb animals comprise primarily essentially the most varied host strategies obtainable throughout the commerce and so they’re optimally leveraged by way of computational antigen design and immunization methods, paired with high-throughput single B cell phenotypic screening and mining of next-generation sequencing datasets with custom-made algorithms to ascertain completely human antibodies with superior effectivity and developability traits.
A longtime core competency focused on ion channels and transporters extra differentiates our know-how and creates alternate options in rising purpose classes. OmniAb antibodies have been leveraged all through modalities, along with bispecific antibodies, antibody-drug conjugates and others.
The OmniAb suite of utilized sciences span from BI-powered repertoire period to revolutionary antibody discovery and optimization offering a extraordinarily atmosphere pleasant and customizable end-to-end decision for the rising discovery desires of the worldwide pharmaceutical commerce.
This data launch incorporates forward-looking statements by OmniAb that comprise risks and uncertainties and replicate OmniAb’s judgment as of the date of this launch. Phrases corresponding to “plans,” “believes,” “expects,” “anticipates,” and “will,” and comparable expressions, are supposed to ascertain forward-looking statements.
These forward-looking statements embrace: the tax penalties of the transaction; estimated transaction payments; OmniAb’s cash place; the pliability to effectively uncover, innovate and develop therapeutics and cutting-edge know-how; and anticipated contributions by the administration workforce and the board of directors.
Exact events or outcomes might differ from OmniAb’s expectations as a consequence of risks and uncertainties inherent in OmniAb’s enterprise, along with, with out limitation: the anticipated tax treatment of the transaction simply is not obtained; OmniAb’s companions might discontinue or change their method or the principle goal of their enchancment efforts with respect to partnered packages;
OmniAb relies on their companions’ enchancment and commercialization of merchandise which will be a lot much less worthwhile than anticipated;; costs and challenges in transitioning to being a stand-alone public agency;
OmniAb’s newest revenues have relied on a restricted number of companions; the pliability to raise further capital on acceptable phrases, if and when needed; and totally different risks described in OmniAb’s prior press releases and filings with the Securities and Commerce Charge obtainable at www.sec.gov.
OmniAb disclaims any intent or obligation to switch these forward-looking statements previous the date of this launch. This warning is made beneath the safe harbor provisions of the Personal Securities Litigation Reform Act of 1995.