OmniAb.
EMERYVILLE, Calif.–(BUSINESS WIRE)–OmniAb , Inc. (NASDAQ: OABI) in the present day introduced the completion of the anticipated tax-free spin-off from Ligand Prescribed drugs Integrated (NASDAQ: LGND) and the next enterprise mixture with Avista Public Acquisition Corp. II (NASDAQ: AHPA), leading to OmniAb changing into an impartial publicly traded firm.
Based mostly on precise redemptions and estimated transaction bills, OmniAb expects to have roughly $95 million in money at closing. OmniAb will start regular-way buying and selling November 2, 2022 on Nasdaq underneath the inventory ticker image “OABI.”
“The OmniAb discovery platform is the end result of a number of years of scientific discoveries and improvements introduced collectively and superior by a devoted workforce of proficient scientists,” stated Matt Foehr, Chief Government Officer.
“As an impartial publicly traded firm, OmniAb will proceed to find and innovate as we concentrate on our mission to push the frontiers of drug discovery applied sciences and allow our companions’ fast improvement of revolutionary therapeutics.”
OmniAb Administration Replace
Along side the transaction, OmniAb additionally introduced key administration and board appointments. OmniAb is led by an skilled workforce of trade veterans complemented by latest additions with vital expertise in constructing companies and creating cutting-edge know-how.
“In anticipation of this transaction, we assembled a world-class management workforce at OmniAb,” said Mr. Foehr. “Along with our stellar scientific leaders, lots of whom have been with OmniAb for a number of years, I’m thrilled to be joined by Kurt Gustafson as Chief Monetary Officer and Charles Berkman as Chief Authorized Officer.”
Kurt Gustafson joined OmniAb as Chief Monetary Officer in March 2022 in preparation for the spin-off and enterprise mixture. Mr. Gustafson beforehand served as Government Vice President and Chief Monetary Officer of Spectrum Prescribed drugs. Previous to Spectrum, he served as Vice President and Chief Monetary Officer at Halozyme Therapeutics, with accountability for finance, info know-how, services and human assets.
Earlier, Mr. Gustafson labored at Amgen for greater than 18 years, holding roles comparable to Treasurer, Vice President, Finance and Chief Monetary Officer of Amgen Worldwide in Switzerland. Mr. Gustafson is a director of Xencor, a clinical-stage biopharmaceutical firm. He obtained a B.A. in accounting from North Park College and an MBA from the College of California, Los Angeles.
Charles Berkman has served as OmniAb’s Chief Authorized Officer since March 2022 in preparation for the spin-off and enterprise mixture. Mr. Berkman beforehand served in numerous roles of accelerating accountability at Ligand, most not too long ago as Senior Vice President, Common Counsel and Secretary.
Previous to becoming a member of Ligand, Mr. Berkman was an lawyer with the worldwide legislation agency Baker & McKenzie. Earlier, he served as an lawyer with Lyon & Lyon, the place he specialised in mental property legislation. Mr. Berkman holds a B.S. in chemistry from the College of Texas and a J.D. from the College of Texas College of Legislation.
OmniAb Board of Administrators Replace
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. Additionally appointed had been Carolyn Bertozzi, Ph.D., Joshua Tamaroff and Matt Foehr, bringing the variety of OmniAb administrators to seven.
“A number of prior members of the Ligand board had been deeply concerned in constructing the OmniAb enterprise over the previous a number of years and can proceed to offer worthwhile perception to the OmniAb workforce,” stated John Higgins, OmniAb Chairman.
“As well as, the appointment of Dr. Carolyn Bertozzi brings an amazing wealth of information in translating modern innovation into sensible utility, highlighted by a number of prestigious awards together with most not too long ago the Nobel Prize in Chemistry. We additionally look ahead to our continued relationship with Avista Capital Companions, and leveraging their experience in constructing differentiated companies as OmniAb continues to execute on its progress plan.”
Dr. Bertozzi has served at Stanford College since 2015 because the Anne T. and Robert M. Bass Professor of Chemistry, a professor of Chemical and Programs Biology and Radiology and the Baker Household Co-Director of Stanford ChEM-H.
Dr. Bertozzi has additionally served as an Investigator on the Howard Hughes Medical Institute since 2000. Previous to Stanford, she was a professor of chemistry and molecular and cell biology on the College of California, Berkeley. Dr. Bertozzi beforehand was a director of Eli Lilly and Firm. She holds an A.B. summa cum laude in chemistry from Harvard College and a Ph.D. in chemistry from the College 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 Associate. Previous to becoming a member of Avista, Mr. Tamaroff labored as an analyst within the leveraged finance group at Lehman Brothers and Barclays Capital.
Mr. Tamaroff presently serves as a director of Cosette Prescribed drugs, GCM Holding Company, Probo Medical, Solmetex and United BioSource Company, and beforehand served as a director of InvestorPlace Media, IWCO Direct, OptiNose, Organogenesis Holdings and WideOpenWest. Mr. Tamaroff obtained a B.S. from Cornell College and an MBA from the Wharton College of the College of Pennsylvania, the place he was a Palmer Scholar.
Please go to https://traders.omniab.com/ for added info relating to the spin-off, enterprise mixture and management updates, together with hyperlinks to filings with the U.S. Securities and Trade Fee.
About OmniAb®
OmniAb’s discovery platform supplies pharmaceutical trade companions entry to various antibody repertoires and high-throughput screening applied sciences to allow discovery of next-generation therapeutics.
On the coronary heart of the OmniAb platform is the Organic Intelligence™ (BI) of our proprietary transgenic animals, together with OmniRat, OmniChicken and OmniMouse which were genetically modified to generate antibodies with human sequences to facilitate improvement of human therapeutic candidates.
OmniFlic (transgenic rat) and OmniClic (transgenic rooster) deal with trade wants for bispecific antibody functions although a standard mild chain strategy, and OmniTaur options distinctive structural attributes of cow antibodies for advanced targets.
We imagine the OmniAb animals comprise essentially the most various host techniques obtainable within the trade and they’re optimally leveraged via computational antigen design and immunization strategies, paired with high-throughput single B cell phenotypic screening and mining of next-generation sequencing datasets with customized algorithms to establish absolutely human antibodies with superior efficiency and developability traits.
A longtime core competency targeted on ion channels and transporters additional differentiates our know-how and creates alternatives in rising goal lessons. OmniAb antibodies have been leveraged throughout modalities, together with bispecific antibodies, antibody-drug conjugates and others.
The OmniAb suite of applied sciences span from BI-powered repertoire era to innovative antibody discovery and optimization providing a extremely environment friendly and customizable end-to-end resolution for the rising discovery wants of the worldwide pharmaceutical trade.
Ahead-Wanting Statements
This information launch incorporates forward-looking statements by OmniAb that contain dangers and uncertainties and replicate OmniAb’s judgment as of the date of this launch. Phrases comparable to “plans,” “believes,” “expects,” “anticipates,” and “will,” and comparable expressions, are supposed to establish forward-looking statements.
These forward-looking statements embrace: the tax penalties of the transaction; estimated transaction bills; OmniAb’s money place; the flexibility to efficiently uncover, innovate and develop therapeutics and cutting-edge know-how; and anticipated contributions by the administration workforce and the board of administrators.
Precise occasions or outcomes could 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 remedy of the transaction just isn’t obtained; OmniAb’s companions could discontinue or change their technique or the main target of their improvement efforts with respect to partnered packages;
OmniAb depends on their companions’ improvement and commercialization of merchandise which can be much less profitable than anticipated;; prices and challenges in transitioning to being a stand-alone public firm;
OmniAb’s latest revenues have relied on a restricted variety of companions; the flexibility to lift extra capital on acceptable phrases, if and when wanted; and different dangers described in OmniAb’s prior press releases and filings with the Securities and Trade Fee obtainable at www.sec.gov.
OmniAb disclaims any intent or obligation to replace these forward-looking statements past the date of this launch. This warning is made underneath the secure harbor provisions of the Non-public Securities Litigation Reform Act of 1995.