EXCLUSIVE: Ligand Subsidiary Pelthos Therapeutics To Combine with Channel Therapeutics Creating Pain Medicines Focused Entity
Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) and Channel Therapeutics Corporation (NYSE:CHRO) on Thursday signed a definitive merger agreement to combine Ligand's wholly owned subsidiaries, Pelthos Therapeutics Inc. and LNHC, Inc. (collectively Pelthos) with CHRO Merger Sub Inc., a wholly owned subsidiary of Channel.
The merger will be supported by $50 million in capital raised from a group of strategic investors led by Murchinson.
Under the merger agreement, Channel will acquire 100% of Pelthos' issued and outstanding equity interests, change its name to Pelthos Therapeutics, and trade on the NYSE American exchange under the ticker PTHS.
Also Read:
In connection with the transaction, Ligand has agreed to invest $18 million in the combined company, and the Investor Group has agreed to invest $32 million in a total of $50 million.
Upon completing the transaction, Scott Plesha, CEO of Pelthos, will become CEO of the combined company, and Frank Knuettel II, CEO of Channel Therapeutics, will become CFO. The transaction is expected to close in the summer of 2025.
The combined company will initially focus on accelerating the commercialization of Pelthos' Zelsuvmi (berdazimer) topical gel, 10.3%, for Molluscum contagiosum infections in adults and pediatric patients one year and older.
The U.S. Food and Drug Administration (FDA) approved Zelsuvmi in 2024. It is the first and only prescription therapy for molluscum infections approved for use at home by patients, parents, and caregivers.
Ligand is entitled to a 13% royalty on worldwide sales of Zelsuvmi.
The combined company will also retain Channel's existing NaV 1.7 development programs for various types of chronic pain, acute and chronic eye pain, and post-surgical nerve blocks.
In December 2024, Channel Therapeutics announced that it achieved its endpoints in two pre-clinical in vivo models of the company's nerve block formulations for acute pain, showing material improvement in efficacy and duration over the existing standard of care, bupivacaine.
An update on the Channel's animal efficacy study for its eye pain program will be forthcoming.
'This transaction presents a compelling opportunity to launch a commercial-ready product, with significant financial backing from Murchinson, that has the potential to deliver both near and long-term value to our shareholders,' said Todd Davis, CEO of Ligand.
Frank Knuettel II, CEO of Channel Therapeutics, commented, 'We have performed extensive due diligence on the Zelsuvmi market opportunity and their team and operations, and we believe this is an extraordinary opportunity for current Channel shareholders. Strategically, it provides the potential for near-term revenue generation from an FDA-approved drug, the opportunity to advance Channel's existing NaV 1.7 programs, and expanded capitalization from strong, long-standing investors.'
Molluscum contagiosum is a poxvirus and one of the most common skin infections, afflicting an estimated 16.7 million people in the U.S.
Price Action: LGND stock is up 2.08% at $106.80 during the premarket session at the last check Thursday, and CHRO stock closed at $1.26 on Wednesday.
Read Next:UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.
Get the latest stock analysis from Benzinga?
LIGAND PHARMACEUTICALS (LGND): Free Stock Analysis Report
This article EXCLUSIVE: Ligand Subsidiary Pelthos Therapeutics To Combine with Channel Therapeutics Creating Pain Medicines Focused Entity originally appeared on Benzinga.com
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time Business News
an hour ago
- Time Business News
The Evolution of Home Cooking: How Modern Kitchen Technology and Professional Stove Services Are Transforming American Kitchens
The American kitchen has undergone a remarkable transformation in recent years, evolving from a simple cooking space into a sophisticated culinary command center that reflects changing lifestyle priorities and technological advances. As home cooking experiences a renaissance driven by economic considerations and wellness trends, the demand for reliable kitchen appliances and professional maintenance services has reached unprecedented levels. This evolution has created new opportunities for both homeowners seeking to enhance their culinary capabilities and service providers specializing in appliance repair and maintenance. The trend toward home cooking has gained significant momentum, with nearly half of Australians (46%) continuing to cook more at home than in previous years, representing a persistent shift that began during the pandemic and has become a permanent fixture of modern living. This movement has spurred a 25% increase in demand for small kitchen appliances as consumers invest in enhancing their home cooking setup. Research indicates that 86% of eating occasions are now sourced from home, with consumers eating 116 more meals at home during the past year compared to pre-pandemic levels. The economic drivers behind this trend are substantial and multifaceted. Global food trends research shows that two-thirds of consumers report spending more on food and beverages in the past year because of inflation and higher prices. With dining out costing four times more than eating at home, many families are cutting back on restaurant visits and investing instead in their home cooking capabilities. Despite easing inflation, consumers continue to face the cumulative impact of several years of rising prices and ongoing economic challenges. The kitchen appliance market is experiencing robust growth, with projections indicating expansion from $247.02 billion in 2024 to $392.51 billion by 2033, representing a compound annual growth rate of 5.28%. This growth is driven by increased urbanization, health and wellness trends, technical improvements including smart appliances, rising disposable incomes, and growing demand for convenience and time-saving, energy-efficient products. Smart technology integration has become a defining characteristic of modern kitchen appliances. The global smart kitchen market is expected to grow from $5.3 billion in 2023 to over $14 billion by 2030, with Asia leading in adoption at a compound annual growth rate of 20 percent. These appliances feature sensors and networking capabilities that allow remote control via smartphone apps, with voice recognition technology becoming increasingly popular as it enables users to give commands to their appliances, improving convenience and elevating kitchen operations. Induction cooking has emerged as a dominant trend in modern kitchen design, with the induction cooktop market envisioned to thrive at a strong compound annual growth rate of 8.3% from 2024 to 2034. This technology offers several advantages over traditional gas and electric cooking methods, including improved safety since the magnetic surface isn't hot to the touch compared to gas or electric cooktops, and reduced energy consumption versus using electric or gas appliances. The adoption of induction cooking is steadily rising due to consumer health consciousness and growing worries about indoor air quality, as induction cooking generates fewer emissions than standard gas or electric burners. Urbanization and shifting lifestyles spur demand for induction cooktops that integrate contemporary kitchen design, especially among Gen Z and millennials. More appliances are incorporating induction technology and moving away from gas and electric options, making them increasingly prominent in the 2024 market. The increasing complexity and value of modern cooking appliances has created substantial demand for professional repair and maintenance services. The kitchen appliance repair and maintenance services market was valued at approximately $5.7 billion in 2024 and is forecasted to grow at a compound annual growth rate of 4.6% from 2026 to 2033, reaching $8.1 billion by 2033. According to the U.S. Bureau of Labor Statistics, there was a notable 8% increase in demand for repair technicians in appliance maintenance in 2022, reflecting the industry's growth potential. Several factors contribute to this growing demand for professional repair services. The aging of existing appliances, economic conditions that encourage repair over replacement, and advancements in appliance technology that require specialized knowledge for repairs all play significant roles. Additionally, busy lifestyles lead people to seek out professional repair services rather than attempting do-it-yourself fixes. The COVID-19 pandemic led to an increased focus on home living, with many people spending more time at home, resulting in greater use of household appliances and subsequently greater need for repairs. Professional repair services address a wide range of issues affecting both gas and electric cooking appliances. Gas stoves commonly experience problems including faulty igniter issues that prevent burners from lighting, often caused by wear and tear or residue buildup. Gas leaks from damaged or loose gas lines or connections represent serious safety concerns requiring immediate professional attention. Clogged burners from food debris and grease can cause uneven or weak flames, while valve malfunctions can prevent gas flow entirely. Electric stoves present their own unique challenges, with heating element failures being among the most common issues. If one electric burner stops working, technicians recommend testing all burners, as complete failure across all units typically indicates an electrical supply problem requiring professional diagnosis. Induction cooktops face specific challenges including power supply problems that prevent the unit from turning on, incompatible cookware issues since induction stoves require cookware with magnetic bases, and unresponsive touch controls that may require professional calibration. For professional stove repair services, technicians must understand both traditional mechanical systems and modern smart appliance features, as the complexity of contemporary cooking appliances requires specialized diagnostic equipment and expertise. Similarly, cooktop repair specialists must be familiar with various technologies including gas, electric, and induction systems, each requiring different approaches to diagnosis and repair. The repair landscape differs significantly between gas and electric cooking appliances, affecting both cost and complexity of service calls. Gas stoves are generally simpler in design, making them relatively straightforward to repair, with average repair costs typically ranging from $50 to $300 depending on the issue. Most expensive repairs involve replacing gas lines or valves, though these are less common, while affordable fixes include cleaning burners, replacing igniters, or adjusting pilot lights. Electric stove repairs tend to be more complex and costly, with average repair costs ranging from $100 to $500 due to the complexity of parts. The most expensive repairs involve replacing control boards or cracked glass surfaces, while more affordable fixes include replacing heating elements or repairing loose wires. Repairs for gas stoves are generally easier and faster because of their mechanical nature, with many issues such as cleaning clogged burners or replacing simple components being relatively straightforward. The integration of artificial intelligence and machine learning into kitchen appliances promises to further revolutionize home cooking and repair services. Modern appliances increasingly feature Wi-Fi connectivity, smartphone apps, and integration with home automation systems, creating new demands for technicians who must understand both traditional repair methods and modern digital diagnostics. Smart diagnostics technology enables appliances to communicate directly with service companies, providing detailed error information before technicians arrive, which reduces diagnostic time and ensures appropriate replacement parts are brought to service calls. By 2035, over 60 percent of urban households in developed economies are expected to have at least one AI-integrated kitchen appliance. These advanced systems can optimize cooking procedures, adjust to user preferences, and even recommend recipes based on available ingredients, but they also require specialized knowledge for maintenance and repair. The trend toward predictive maintenance is particularly valuable for busy households, as smart appliances can identify potential problems before they cause complete failures, allowing homeowners to schedule convenient maintenance appointments. Economic considerations play a crucial role in consumer decisions regarding appliance maintenance versus replacement. The rising cost of new appliances makes repair services increasingly attractive, especially for minor issues that can extend appliance life significantly. Choosing appliance repair over replacement provides several benefits including cost-effectiveness that allows homeowners to save money, extended appliance lifespan, promotion of sustainability by reducing waste, and minimization of disruption caused by purchasing and installing new units. Consumer spending patterns indicate a growing preference for repair services, particularly as appliance prices are expected to increase by 2.2% in 2024, making many consumers prefer to hold on to their appliances and repair them instead of upgrading after they break. The average American family spends approximately 52 minutes preparing dinner regardless of whether they use convenience foods or cook from scratch, suggesting that time savings from modern appliances come not from reduced preparation time but from enabling more complex meals with additional dishes. This increased complexity in home cooking creates greater demands on appliances and consequently increases the importance of reliable repair services. Environmental consciousness is increasingly influencing both appliance selection and maintenance decisions. The longevity of high-quality cooking appliances, when properly maintained, makes them environmentally responsible choices compared to frequent replacement of lower-grade appliances. Professional repair services that focus on extending appliance life rather than promoting replacement contribute to reduced environmental impact, supporting broader sustainability goals. Energy efficiency considerations play a crucial role in appliance maintenance decisions. Modern cooking appliances feature improved insulation, energy-efficient heating elements, and smart controls that minimize power consumption while maintaining optimal performance. These features align with environmental regulations and appeal to environmentally conscious consumers who value both performance and sustainability. Smart cooking appliances can optimize energy usage by learning cooking patterns and adjusting operation accordingly, providing both environmental and economic benefits. The appliance repair industry is experiencing significant transformation driven by technology, sustainability, and changing consumer preferences. More homeowners are opting for repairs instead of replacement to save money, reduce waste, and conserve resources. Technicians are now required to be well-versed in both traditional repair methods and modern digital diagnostics, with growing emphasis on sustainability as many consumers prioritize the repairability of appliances before purchasing. The air fryer has emerged as the UK's top cooking method, with over a quarter (27%) choosing it as their favorite appliance, and well over half (58%) of UK households now owning an air fryer. More homes now have an air fryer than a slow cooker (47%) or even a toastie maker (41%), demonstrating rapid adoption of new cooking technologies. This trend toward diverse cooking appliances creates additional opportunities for specialized repair services as households accumulate more sophisticated equipment requiring professional maintenance. Professional appliance repair services must maintain high safety standards, particularly when working with gas appliances that present potential hazards. Gas stove repairs require more safety checks due to open flames and potential gas leak risks. Professional technicians use advanced leak detection tools to identify and fix leaks efficiently, ensuring leak-free, secure connections for worry-free cooking. Safety protocols include comprehensive testing of ignition systems, gas valve operation, and ventilation adequacy to prevent dangerous conditions. The importance of professional service extends beyond simple repairs to include preventive maintenance that can significantly extend appliance lifespan and improve efficiency. Regular professional maintenance can identify and address potential issues before they lead to complete appliance failure, while also ensuring optimal energy efficiency and safety compliance. Professional service companies maintain extensive parts inventories and specialized diagnostic equipment necessary to service the increasingly complex appliances found in modern kitchens. The evolution of home cooking and kitchen technology represents a fundamental shift in how Americans approach food preparation and appliance ownership. As economic pressures encourage more home cooking and technological advances create increasingly sophisticated appliances, the demand for professional repair and maintenance services continues to grow substantially. The combination of rising appliance complexity, environmental consciousness, and economic considerations creates a robust market for specialized repair services that can extend appliance life while maintaining optimal performance and safety standards. The future of kitchen appliances and repair services will likely be shaped by continued integration of smart technology, growing emphasis on sustainability, and evolving consumer preferences for repair over replacement. Professional service providers who adapt to these trends by developing expertise in both traditional and smart appliance technologies will be well-positioned to serve the growing market of households seeking to maximize their kitchen equipment investments while maintaining the culinary capabilities that have become central to modern home life. TIME BUSINESS NEWS
Yahoo
an hour ago
- Yahoo
Venture Global (VG) Extends Rally on $28-B LNG Facility
We recently published a list of . In this article, we are going to take a look at where Venture Global, Inc. (NYSE:VG) stands against other top-performing companies on Tuesday. Venture Global rallied by 8.37 percent on Tuesday to end at $17.04 apiece as investors resumed bargain-hunting following the commencement of its $28 billion liquefied natural gas (LNG) facility in Louisiana. Called the CP2 LNG, the facility will sit on a 1,150-acre site in Cameron Parish and is expected to be able to export at least 20 million tons of LNG per annum. According to the company, the new facility is also expected to generate 10,500 jobs, of which 7,500 will start during the construction, and 3,000 upon commercial operations. It is also expected to pay more than $4 billion in local property taxes once the LNG comes into full swing. A deep sea tanker vessel laden with liquified natural gas, contrailing a majestic stream of white smoke. Venture Global, Inc. (NYSE:VG) said it targets to kick off commercial operations in 2027. The facility is expected to make Venture Global, Inc. (NYSE:VG) the largest LNG exporter in the US, and the second largest in the world. Overall, VG ranks 2nd on our list of top-performing companies on Tuesday. While we acknowledge the potential of VG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
Does Rivian's AI-Driven RAP Provide It a Competitive Edge?
Rivian RIVN, an American EV manufacturer, has created its advanced driver assistance system (ADAS), known as the Rivian Autonomy Platform (RAP). This in-house platform features a more powerful computing system than that used in Rivian's earlier vehicles and is tailored specifically for its current and future provides Level 2+ autonomy, meaning it supports the driver with alerts and interventions, such as steering corrections and emergency braking, but it never takes full control of the vehicle. The system includes a comprehensive set of ADAS tools, stepping in only when on the R1T and R1S models, RAP's features fall into two main categories: Driving Assist and Active Safety Assist. Driving Assist includes user-activated tools like Highway Assist, Adaptive Cruise Control and Lane-Change Assistance. Active Safety Assist includes automatic features aimed at preventing accidents, such as lane safety, lighting adjustments, parking and reversing aids, and collision mitigation. RIVN carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks the introduction of its second-generation R1 platform, Rivian has significantly upgraded RAP. The vehicles now use a revamped perception system and computing setup, including 55-megapixel cameras and onboard processing power exceeding 200 trillion operations per second. The platform's AI-driven design and vertically integrated hardware allow Rivian to efficiently collect and process high-quality, multi-modal sensor data, giving it a competitive edge in ADAS development. Other automakers like Toyota Motor Corporation TM and Waymo, a subsidiary of Alphabet Inc. GOOGL, and Tesla TSLA are also making progress on the development of their respective autonomous vehicle April, Toyota and GOOGL's Waymo reached a preliminary agreement to explore a collaboration focused on the development of a new autonomous vehicle platform. Toyota and GOOGL's Waymo aim to combine their respective strengths to develop the platform. In parallel, the companies will explore how to leverage Waymo's autonomous technology and Toyota's vehicle expertise to enhance next-generation personally owned vehicles. Tesla's Full Self-Driving (FSD) system is a sophisticated driver-assistance technology designed to allow Tesla cars to navigate various driving conditions autonomously. FSD builds on Tesla's existing Autopilot features and is sold as an optional upgrade. The company has long been a leader in autonomous vehicle development. Tesla released its last major FSD update, v13, in December 2024. Rivian has outperformed the Zacks Automotive-Domestic industry year-to-date. RIVN shares have gained 4.6% against the industry's decline of 18.3%. Image Source: Zacks Investment ResearchFrom a valuation perspective, Rivian appears undervalued. Going by its price/sales ratio, the company is trading at a forward sales multiple of 2.47, lower than its industry's 2.64. Image Source: Zacks Investment ResearchThe Zacks Consensus Estimate for 2025 and 2026 EPS has moved down 3 cents and up 2 cents, respectively, in the past 30 days. Image Source: Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Toyota Motor Corporation (TM) : Free Stock Analysis Report Tesla, Inc. (TSLA) : Free Stock Analysis Report Alphabet Inc. (GOOGL) : Free Stock Analysis Report Rivian Automotive, Inc. (RIVN) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
