Ligand Pharmaceuticals has completed its previously announced merger between Pelthos Therapeutics Merger with Channel Therapeutics.
Pelthos will commence trading on the NYSE American exchange under the new ticker symbol “PTHS” as of July 2, 2025.
“With the successful closing of this merger and the launch of Pelthos as an independent, publicly traded biopharmaceutical company, we have unlocked new potential for innovation and long-term value creation for our shareholders,” says Todd Davis, CEO of Ligand, in a news release. This moment is the result of the vision, hard work, and unwavering commitment of our internal team, who developed the commercial platform to help bring Zelsuvmi, a novel product addressing a significant unmet need, to market this summer. Ligand recognized the potential value of Zelsuvmi before it was approved, during a time when others did not, and we are proud to bring this impactful treatment to market through our special situations initiatives.”
Along with the merger, Pelthos raised $50.1 million of equity capital, including a private placement from a group of strategic investors led by Murchinson. The Investor Group invested $32 million and Ligand invested $18 million in the combined company, respectively.
Zelsuvmi is going to change the way that molluscum contagiosum is treated. Melissa Davis, MSPAS, PA-C, a Dermatology Physician Assistant at Associates in Dermatology in Louisville, KY, explains why she is so excited about this new treatment option in this video.
The capital is being invested into Pelthos’ Series A Convertible Preferred Stock and Common Stock and includes cancellation of approximately $18.8 million in bridge capital that was advanced to Pelthos by several of the Investors (including Ligand) since the beginning of 2025 to support the commercial launch of Zelsuvmi.
Ligand is entitled to a 13% royalty on worldwide net sales of Zelsuvmi.
“Ligand has been an incredible partner over the past few years, and we look forward to their continued guidance and support as members of the Pelthos board,” says Scott Plesha, CEO of Pelthos. “We are excited to begin this new chapter as a publicly traded company and to bring this innovative product to the patients who need it.”
Pelthos will initially focus on the launch and commercialization of Zelsuvmi (berdazimer) topical gel, 10.3%, for the treatment of Molluscum contagiosum infections in adults and pediatric patients one year of age and older. Zelsuvmi is a U.S. Food and Drug Administration (FDA)-designated novel drug and the first and only prescription medication approved for the treatment of molluscum that can be administered at home.
Additionally, Pelthos is continuing to evaluate the path forward for Channel’s existing NaV 1.7 development programs for the treatment of various types of chronic pain, acute and chronic eye pain, and post-surgical nerve blocks.
Latham & Watkins LLP served as lead counsel to Ligand.
