Ligand Pharmaceuticals (Nasdaq: LGND) has completed its merger between subsidiary LNHC, Inc. and Channel Therapeutics' subsidiary CHRO Merger Sub Inc. The combined entity, Pelthos Therapeutics, will trade on NYSE American under ticker "PTHS" starting July 2, 2025.
Concurrent with the merger, Pelthos raised $50.1 million in equity capital, with $32 million from the Murchinson-led investor group and $18 million from Ligand. The company is preparing to launch ZELSUVMI™, an FDA-designated novel drug for Molluscum contagiosum infections, in July 2025. Ligand will receive a 13% royalty on worldwide ZELSUVMI sales.
ZELSUVMI is the first home-administered prescription treatment for molluscum, a condition affecting an estimated 16.7 million people in the US. Pelthos will also evaluate Channel's NaV 1.7 programs for various pain treatments.
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