Ligand announced it has received $47M as a result of signing an amendment relating to its OmniAb platform agreement with WuXi Biologics. This amendment provides WuXi Bio more efficiency in expanding its OmniAb antibody discovery services. Under the previous license agreement, OmniAb antibodies discovered and sub-licensed by WuXi Bio generated potential pre-defined contract payments to Ligand and potential royalties on global product sales. Under the amended agreement, Ligand will continue to be eligible to earn royalties at the same rate and terms as the previous agreement and the pre-defined contract payments have been eliminated. With this new business relationship, WuXi Bio believes it will be able to increase the number of OmniAb antibodies it discovers for its clients in China and around the world
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