Primordial Genetics, Inc. acquired Pelican Technology Holdings, Inc. from Ligand Pharmaceuticals Incorporated (NasdaqGM:LGND) for $49.2 million on September 18, 2023. As part of the transaction, Ligand received 2,146,957 common shares, 4,278,293 preferred shares and 474,746 restricted shares of Primrose Bio in consideration for the sale of Pelican. Ligand retains the existing commercial royalties related to the Pelican Expression Technology and will own 49.9% of Primrose Bio. Following the acquisition, Pelican Technology Holdings, Inc. became a wholly owned subsidiary of Primrose Bio. Simultaneous with the merger, Ligand entered into a Purchase and Sale Agreement with Primrose Bio and acquired 50% of certain future development and commercial milestones from two contracts previously entered into by Primordial Genetics for $15 million. In addition, starting January 1, 2025, Ligand will receive 25% of sales revenue of PeliCRM197 above $3.0 million and 35% of all PeliCRM197 licensing revenue in perpetuity. Ligand retains the existing royalty rights from the Pelican Expression Technology, including economic rights to Jazz?s RYLAZE, Merck?s VAXNEUVANCE and V116 vaccines, Alvogen?s Teriparatide, Serum Institute of India?s Pneumosil and MenFive vaccines, among others.

Primordial Genetics, Inc. completed the acquisition of Pelican Technology Holdings, Inc. from Ligand Pharmaceuticals Incorporated (NasdaqGM:LGND) on September 18, 2023.