07:31 AM EDT, 07/02/2025 (MT Newswires) -- Ligand Pharmaceuticals ( LGND ) said Wednesday its subsidiary LNHC completed a merger with a subsidiary of Channel Therapeutics ( CHRO ) .

The combined company is called Pelthos Therapeutics and its stock will begin trading Wednesday on the NYSE American exchange under the ticker symbol "PTHS," Ligand said.

Pelthos raised $50.1 million of equity capital, including $32 million in a private placement from a group of investors led by Murchison and $18 million from Ligand, according to the statement.

Ligand also said it is entitled to a 13% royalty on global net sales of Zelsuvmi topical gel for the treatment of Molluscum contagiosum infections. Pelthos plans to launch Zelsuvmi this month, Ligand added.