OmniAb
EMERYVILLE, Calif.–(BUSINESS WIRE)–OmniAb , Inc. (NASDAQ: OABI) inside the present day launched the completion of the anticipated tax-free spin-off from Ligand Prescription medicine Built-in (NASDAQ: LGND) and the next enterprise mixture with Avista Public Acquisition Corp. II (NASDAQ: AHPA), leading to OmniAb turning into an impartial publicly traded company.
Primarily primarily based completely on precise redemptions and estimated transaction funds, OmniAb expects to have roughly $95 million in money at closing. OmniAb will start regular-way purchasing for and selling November 2, 2022 on Nasdaq beneath the inventory ticker image “OABI.”
“The OmniAb discovery platform is the highest outcomes of quite a few 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 impartial publicly traded company, OmniAb will proceed to look out and innovate as we concentrate on our mission to push the frontiers of drug discovery utilized sciences and allow our companions’ fast enchancment of revolutionary therapeutics.”
OmniAb Administration Exchange
Alongside aspect the transaction, OmniAb furthermore launched key administration and board appointments. OmniAb is led by an knowledgeable workforce of commerce veterans complemented by latest additions with necessary expertise in organising companies and creating cutting-edge know-how.
“In anticipation of this transaction, we assembled a world-class administration workforce at OmniAb,” acknowledged Mr. Foehr. “Together with our stellar scientific leaders, loads of whom have been with OmniAb for quite a few years, I’m 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 mixture. Mr. Gustafson beforehand served as Authorities Vice President and Chief Financial Officer of Spectrum Prescription medicine. Earlier to Spectrum, he served as Vice President and Chief Financial Officer at Halozyme Therapeutics, with accountability for finance, info know-how, corporations and human belongings.
Earlier, Mr. Gustafson labored at Amgen for bigger than 18 years, holding roles similar 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 company. 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 mixture. Mr. Berkman beforehand served in fairly a couple of roles of accelerating accountability at Ligand, most not too approach again as Senior Vice President, Widespread Counsel and Secretary.
Earlier to turning into a member of Ligand, Mr. Berkman was an lawyer with the worldwide legal guidelines firm Baker & McKenzie. Earlier, he served as an lawyer with Lyon & Lyon, the place he specialised in psychological property legal guidelines. 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 administrators Jennifer Cochran, Ph.D., Sarah Boyce and Sunil Patel, and present 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 quantity of OmniAb administrators to seven.
“Plenty of prior members of the Ligand board had been deeply concerned in organising the OmniAb enterprise over the sooner quite a few years and might proceed to provide worthwhile notion to the OmniAb workforce,” acknowledged John Higgins, OmniAb Chairman.
“In addition to, the appointment of Dr. Carolyn Bertozzi brings an incredible wealth of information in translating trendy innovation into good utility, highlighted by quite a few prestigious awards together with most not too approach again the Nobel Prize in Chemistry. We furthermore look forward to our continued relationship with Avista Capital Companions, and leveraging their experience in organising differentiated companies as OmniAb continues to execute on its progress plan.”
Dr. Bertozzi has served at Stanford School since 2015 because of this 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 furthermore 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 turning into a member of Avista, Mr. Tamaroff labored as an analyst all through the leveraged finance group at Lehman Brothers and Barclays Capital.
Mr. Tamaroff presently serves as a director of Cosette Prescription medicine, 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 info referring to the spin-off, enterprise mixture and administration updates, together with hyperlinks to filings with the U.S. Securities and Commerce Charge.
About OmniAb®
OmniAb’s discovery platform gives pharmaceutical commerce companions entry to diversified antibody repertoires and high-throughput screening utilized sciences to allow discovery of next-generation therapeutics.
On the coronary coronary coronary heart of the OmniAb platform is the Natural Intelligence™ (BI) of our proprietary transgenic animals, together 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 wishes for bispecific antibody capabilities although a standard delicate chain method, and OmniTaur selections distinctive structural attributes of cow antibodies for superior targets.
We take into consideration the OmniAb animals comprise primarily primarily essentially the most diversified host methods obtainable all through the commerce and so that they’re optimally leveraged by approach of computational antigen design and immunization strategies, paired with high-throughput single B cell phenotypic screening and mining of next-generation sequencing datasets with custom-made algorithms to determine utterly human antibodies with superior effectivity and developability traits.
A longtime core competency targeted on ion channels and transporters further differentiates our know-how and creates alternate choices in rising objective lessons. OmniAb antibodies have been leveraged all via modalities, together with bispecific antibodies, antibody-drug conjugates and others.
The OmniAb suite of utilized sciences span from BI-powered repertoire interval to revolutionary antibody discovery and optimization providing a terribly environment nice and customizable end-to-end resolution for the rising discovery wishes of the worldwide pharmaceutical commerce.
Forward-Wanting Statements
This information launch incorporates forward-looking statements by OmniAb that comprise dangers and uncertainties and replicate OmniAb’s judgment as of the date of this launch. Phrases similar to “plans,” “believes,” “expects,” “anticipates,” and “will,” and comparable expressions, are supposed to determine forward-looking statements.
These forward-looking statements embrace: the tax penalties of the transaction; estimated transaction funds; OmniAb’s money place; the pliability to successfully uncover, innovate and develop therapeutics and cutting-edge know-how; and anticipated contributions by the administration workforce and the board of administrators.
Exact occasions or outcomes may differ from OmniAb’s expectations as a consequence of dangers and uncertainties inherent in OmniAb’s enterprise, together with, with out limitation: the anticipated tax therapy of the transaction merely just isn’t obtained; OmniAb’s companions may discontinue or change their methodology or the precept aim of their enchancment efforts with respect to partnered packages;
OmniAb depends on their companions’ enchancment and commercialization of merchandise which might be loads a lot much less worthwhile than anticipated;; prices and challenges in transitioning to being a stand-alone public company;
OmniAb’s latest revenues have relied on a restricted quantity of companions; the pliability to boost additional capital on acceptable phrases, if and when wanted; and completely totally different dangers 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 modify these forward-looking statements earlier the date of this launch. This warning is made beneath the secure harbor provisions of the Personal Securities Litigation Reform Act of 1995.
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