Ligand To Spin-Off OmniAb Platform Into Its Own Independent Company - Ligand Pharmaceuticals (NASDAQ:LGND)

Ligand Pharmaceuticals Incorporated LGND announced plans to split into two separate publicly traded companies.
One company will feature the OmniAb business, and the other housing Ligand’s existing royalties and technologies, including its Pelican protein expression platform and Captisol solubility tech.
“After significant planning and analysis, we have concluded we are operating two distinct, high-growth companies within Ligand,” CEO John Higgins said in a statement. “Along with outside advisors, we have determined the time is right to pursue a strategic plan to create two independent companies and accelerate investment into the OmniAb platform and technologies to drive value further.
Ligand posted Q3 sales of $64.83 million, +55% Y/Y/, beating the consensus of $55.65 million. EPS of $1.58 came in above the consensus of $1.04.
Ligand had cash, cash equivalents, and short-term investments of $323.2 million.
Ligand is reaffirming 2021 financial guidance and expects sales of $265 million - $275 million and adjusted EPS of $5.80 - $6.05.
Price Action: LGND shares are up 9.38% at $166.12 during the market session on the last check Wednesday.