Ligand Pharmaceuticals Incorporated · NASDAQ:LGND
Ligand Pharmaceuticals — SPAC Merger (March 2022)
35 slides from Ligand Pharmaceuticals's SPAC merger presentation, Mar 23, 2022
Slide 1: Anchored Spin-Off Investor Presentation
Exhibit 99.2 ANCHORED SPIN-OFF INVESTOR PRESENTATION March 2022
Slide 2: Legal Disclaimers
2 LEGAL DISCLAIMERS About this Presentation This presentation is for informational purposes only to assist interested parties in making their own evaluation with respect to a proposed business combination (the Business Combination) between Avista Public Acquisition Corp. II (APAC) and OmniAb, Inc. (
Slide 3: Legal Disclaimers
3 LEGAL DISCLAIMERS Important Information and Where to Find It In connection with the proposed transaction, OmniAb will file a registration statement on Form 10 registering shares of OmniAb common stock and APAC will file with the SEC a registration statement on Form S-4 registering shares of APAC c
Slide 4: OmniAb + Avista: A Combination of Two Leading Life Sciences Franchises
4 OMNIAB + AVISTA A COMBINATION OF TWO LEADING LIFE SCIENCES FRANCHISES • 55+ active global partners • Successful track record of building sustainable growth Track Record healthcare companies over 25 years • 250+ active discovery programs (1) • $8+ billion invested in 42 healthcare companies • Two a
Slide 5: Adding a Leading Drug Discovery Platform to Avista's Pharma Services Portfolio
5 ADDING A LEADING DRUG DISCOVERY PLATFORM TO AVISTA’S PHARMA SERVICES PORTFOLIO Late-Stage Early-Stage Research Discovery Development & & Development Commercialization • Built capabilities and competitive strengths to • Avista investment professionals have deep domain expertise in the pharma servic
Slide 6: Transaction Summary
6 TRANSACTION SUMMARY Transaction Summary Pro Forma Enterprise Value ▪ OmniAb, Inc., an antibody discovery business wholly owned by Ligand, has entered into a definitive agreement to merge with Avista Public Acquisition Corp. II (APAC) (NASDAQ: AHPA), valuing OmniAb at a fully diluted pre- ($m, exce
Slide 7: Key Market Comparables Suggest Substantial Value Creation Opportunity
7 KEY MARKET COMPARABLES SUGGEST SUBSTANTIAL VALUE CREATION OPPORTUNITY Computationally-Enabled Next-Generation Discovery and Diversified Drug Discovery Drug Discovery Production Technologies Enterprise Value ($) in millions $4,844 $3,726 $2,616 $2,216 $2,095 $1,961 $1,878 $1,313 $1,301 $1,203 $835
Slide 8: Experienced Leadership Team with Proven Track Record of Success
8 EXPERIENCED LEADERSHIP TEAM WITH PROVEN TRACK RECORD OF SUCCESS OmniAb Leadership Team Avista Leadership Team Matt Foehr Kurt Gustafson Thompson Dean David Burgstahler Board Member CFO, OmniAb Inc. Chairman and Co-Head of Investment Managing Partner and CEO, Avista CEO, OmniAb Inc. Board Member Xe
Slide 9: The OmniAb Platform
THE OMNIAB PLATFORM
Slide 10: Setting the Stage - OmniAb's Spin-Off from Ligand
10 SETTING THE STAGE - OMNIAB’S SPIN-OFF FROM LIGAND • Ligand’s proven business model is focused on developing Ligand at a Glance and acquiring technologies that enable the discovery and development of medicines Broad portfolio of 140+ different partners ‒ 140+ partners among pharmaceutical and biot
Slide 11: Antibodies and Industry Demand
11 ANTIBODIES AND INDUSTRY DEMAND HIGHER SUCCESS RATES FOR ANTIBODY MEDICINES DRIVE OUR INDUSTRY’S NEED FOR DISCOVERY TECHNOLOGY Acceleration of Existing Industry limitations Regulatory Approvals (FDA and EMA) 80 • Current approaches burdened with critical disadvantages – lack of 70 antibody diversi
Slide 12: OmniAb History
12 OMNIAB HISTORY OVER 13 YEARS OF INVESTMENT BUILT OUR BEST-IN-CLASS PLATFORM 2008 2016 2017 2018 2019 2020 Ligand OMT Crystal Bio Icagen Taurus Acquired OMT Founded (OmniChicken) (Ion Channel (OmniTaur) (OmniAb) Technology) Ab Initio Development of (Computationally xCella OmniRat/OmniFlic/OmniMous
Slide 13: OmniAb's Historical Growth Within Ligand
13 OMNIAB’S HISTORICAL GROWTH WITHIN LIGAND PROGRESSION AND PERFORMANCE IN PROGRAMS BY STAGE OF DEVELOPMENT (1) 2016 at Acquisition As of 12/31/21 Registration: 1 Phase 3: 2 Approved: 2 Phase 2: 2 Phase 1: 18 Preclinical: 1 Preclinical: 10 21 252 Discovery: 217 Discovery: 20 Substantial progress in
Slide 14: The OmniAb Platform
14 THE OMNIAB PLATFORM Further Characterize, Select & Screen Millions of Cells to Find Create Diverse Pools of High-Quality Optimize the Right Antibody Potential Therapeutic Candidates Naturally Optimized Antibodies Technology offering addresses critical industry needs and is paired with our highly
Slide 15: The OmniAb Platform
15 THE OMNIAB PLATFORM Technology offering addresses the most critical challenges of antibody discovery
Slide 16: The OmniAb Platform: Antibody Generation Technologies
16 THE OMNIAB PLATFORM Antibody Generation Technologies We believe generating large and diverse pools of high-quality antibodies increases the likelihood of discovering the antibody with Computational Antigen Design & the most desirable therapeutic characteristics Proprietary Reagents Industry’s onl
Slide 17: The OmniAb Platform: Screening Technologies
17 THE OMNIAB PLATFORM Gel Encapsulated xPloration Microcapillary Technology Microenvironment (GEM) Rapidly recover 1,000’s of antibody sequences xPloration 2.0 (in development) We offer two powerful single B-cell screening technologies: xPloration and GEM assay Multi-parameter screening of tens of
Slide 18: The OmniAb Platform: Discovery Teams
18 THE OMNIAB PLATFORM Our discovery teams are flexibly positioned to work closely with partners to identify the right antibody •Data from multi-parameter screening and performance assays used in combination with bioinformatics •High-throughput epitope binning and kinetics analysis, and target-speci
Slide 19: Extensive Biological Capabilities on Ion Channels and Transporters
19 THE OMNIAB PLATFORM EXTENSIVE BIOLOGICAL CAPABILITIES ON ION CHANNELS AND TRANSPORTERS Proprietary cell lines enable high speed antigen production Cutting-edge assays facilitate Proprietary assays leveraged for high-throughput screens in GEM discovery and characterization of and xPloration platfo
Slide 20: OmniAb Business Model
20 OMNIAB BUSINESS MODEL OUR AGREEMENTS ARE STRUCTURED TO ALIGN ECONOMIC AND SCIENTIFIC INTERESTS WITH OUR PARTNERS License partnerships designed to include: • Technology access and collaboration/service fees • Milestones • Royalties on commercial sales We have nearly $1.5 billion in contracted mile
Slide 21: OmniAb Intellectual Property Advantage
21 OMNIAB INTELLECTUAL PROPERTY ADVANTAGE PARTNERS FILING PATENTS ON OMNIAB-DERIVED ANTIBODIES CREATE DURABLE ROYALTY STREAMS AND A LENGTHY INTELLECTUAL PROPERTY TAIL Antibody Patent Applications • We maintain a broad intellectual property estate with filed by Partners multiple long duration patent
Slide 22: Select OmniAb Partners
22 SELECT OMNIAB PARTNERS >55 COMPANIES CURRENTLY HAVE ACCESS TO OMNIAB ANTIBODIES
Slide 23: The Power of OmniAb: Partner Case Studies
23 THE POWER OF OMNIAB PARTNER CASE STUDIES Partner A Partner B Partner C Partner D Emerging Biotech Big Pharma Established Biotech Global Pharma • Novel multi-transmembrane target• Growth factor target, highly • Asia-based global pharma player • Partner has history of success in for triple negative
Slide 24: OmniAb Clinical and Approved Partner Pipeline
24 OMNIAB CLINICAL AND APPROVED PARTNER PIPELINE TWO APPROVED PRODUCTS AND 23 CLINICAL OMNIAB-DERIVED ANTIBODIES Source Animal Partner Program Area Target Preclinical Phase 1 Phase 2 Phase 3 Registration Approved Zimberelimab OmniRat Oncology PD-1 Sugemalimab OmniRat Oncology PD-L1 Teclistamab OmniR
Slide 25: Competitive Benchmarking
25 COMPETITIVE BENCHMARKING THREE CLEAR LEADERS IN INTEGRATED ANTIBODY DISCOVERY (1) (2,3) (3) Active Partners 56 36 95 (1) (2,3) (3) Active Programs 252 78 425 Approved 2 1 1 Registration 1 - Phase 3 2 - (3) 55 Phase 2 2 1 Phase 1 18 3 X Antigen Generation �������� Species Diversity ���������� Scre
Slide 26: OmniAb Team: Scientific Leadership
26 OMNIAB TEAM SCIENTIFIC LEADERSHIP Bill Harriman, PhD Marie-Cecile Van De Lavoir, PhD, DVM Christel Iffland, PhD Doug Krafte, PhD SVP, Antibody Discovery VP, Operations VP, Antibody Technology SVP, Ion Channels Co-Founder/CSO, Crystal Bioscience Co-Founder/COO, Crystal Bioscience Former Associate
Slide 27: Financial Review
FINANCIAL REVIEW
Slide 28: Advanced Pipeline Driving Diversified Revenue
28 ADVANCED PIPELINE DRIVING DIVERSIFIED REVENUE KEY INFORMATION • Expanded to >55 active partners with whom we have active license agreements or who have an active program • Significant active program growth since acquisition • Royalty revenue expected to grow significantly with average royalty rat
Slide 29: OmniAb Key Performance Indicators
29 OMNIAB KEY PERFORMANCE INDICATORS HIGHLY SCALABLE BUSINESS MODEL • Strong consistent growth in Number of Active Clinical Number of Active Number of Active and Commercial Programs Partners Programs key performance indicators 60 300 25 (1) 50 250 • Active Partners : >30% 20 CAGR since 2014 40 200 1
Slide 30: Unit Economics and Pipeline Development to Drive Future Value
30 UNIT ECONOMICS AND PIPELINE DEVELOPMENT TO DRIVE FUTURE VALUE Current Portfolio Pipeline Development Per program economics Expected market growth (1) ▪ $236B in antibody sales by 2025 ▪ Research fees (1) ▪ Up from $184B in 2020 ▪ Clinical and commercial milestones ▪ Royalties Portfolio expansion
Slide 31: Illustrative Revenue Profiles for Successful Partnered Programs
31 ILLUSTRATIVE REVENUE PROFILES FOR SUCCESSFUL PARTNERED PROGRAMS OMNIAB PARTICIPATION IS WEIGHTED TOWARDS DOWNSTREAM SUCCESS Flexible transaction structures enable optionality for partners while maintaining value for OmniAb Program A Program B Research / Upfront Clinical Milestones Commercial Mile
Slide 32: Appendix
APPENDIX — md
Slide 33: Zimberelimab Approved
33 ZIMBERELIMAB APPROVED THE FIRST APPROVED OMNIRAT-DERIVED ANTIBODY • On August 30, 2021, zimberelimab (GLS-010), an OmniAb-derived fully human anti-PD-1 mAb, was approved in China for the treatment of recurrent or refractory classical Hodgkin’s lymphoma ‒ Marks the first approval of an OmniAb-deri
Slide 34: Sugemalimab Approved
34 SUGEMALIMAB APPROVED THE SECOND APPROVED OMNIRAT-DERIVED ANTIBODY ® • On December 21, 2021, CStone announced approval in China for Cejemly (sugemalimab) ‒ Fully-human, full length anti-PD-L1 monoclonal, said to mirror the natural G-type immunoglobulin 4 (IgG4), which reduces immunogenicity risks
Slide 35: For more information, please visit www.omniab.com
For more information, please visit www.omniab.com