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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

  

 

  

FORM 8-K

 

 

  

CURRENT REPORT 

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): March 23, 2022

 

Avista Public Acquisition Corp. II

(Exact name of registrant as specified in its charter)

 

Cayman Islands 001-40720 98-1584818
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer Identification No.)
incorporation)    

 

65 East 55th Street

18th Floor

New York, New York 10022

(Address of Principal Executive Offices, including zip code)

 

(212) 593-6900
(Registrant’s telephone number, including area code)

 

Not Applicable
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

x     Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨     Pre-commencements communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading
Symbols		   Name of each exchange
on which registered
         
Units, each consisting of one share of Class A ordinary share and one-third of one redeemable warrant AHPAU Nasdaq Capital Market
Class A common ordinary shares, par value $0.0001 per share AHPA Nasdaq Capital Market
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share AHPAW Nasdaq Capital Market

 

x Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
   
¨ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 

 

  

Item 8.01 Other Events.

 

On March 23, 2022, Avista Public Acquisition Corp. II (“APAC”) and Ligand Pharmaceuticals Incorporated (“Ligand”) issued a joint press release (the “Press Release”) announcing the entry into certain definitive agreements providing for a combination of APAC and the OmniAb Business of Ligand on the terms and conditions set forth in such agreements (the “Business Combination”). The Press Release is attached to this Current Report as Exhibit 99.1 and incorporated by reference herein.

 

Also on March 23, 2022, APAC and Ligand issued an investor presentation in connection with the Business Combination, a copy of which is attached to this Current Report as Exhibit 99.2, and a transcript of the audio portion of which is attached to this Current Report as Exhibit 99.3, and each of which is incorporated by reference herein.

 

Important Information and Where to Find It

 

In connection with the Business Combination, OmniAb will file a registration statement on Form 10 (the “Form 10”) registering shares of OmniAb common stock and APAC will file with the SEC a registration statement on Form S-4 (the “Form S-4”) registering shares of APAC common stock, warrants and certain equity awards. The Form S-4 to be filed by APAC will include a proxy statement/prospectus in connection with the APAC shareholder vote required in connection with the Business Combination. The Form 10 to be filed by OmniAb will include the Form S-4 filed by APAC, which will serve as an information statement/prospectus in connection with the spin-off of OmniAb. This communication does not contain all the information that should be considered concerning the Business Combination. This communication is not a substitute for the registration statements that OmniAb and APAC will file with the SEC or any other documents that APAC or OmniAb may file with the SEC, or that APAC, Ligand or OmniAb may send to stockholders in connection with the Business Combination. It is not intended to form the basis of any investment decision or any other decision in respect to the Business Combination. APAC’s shareholders and Ligand’s stockholders and other interested persons are advised to read, when available, the preliminary and definitive registration statements, and documents incorporated by reference therein, as these materials will contain important information about APAC, OmniAb and the Business Combination. The proxy statement/prospectus contained in APAC’s registration statement will be mailed to APAC’s shareholders as of a record date to be established for voting on the Business Combination.

 

The registration statements, proxy statement/prospectus and other documents (when they are available) will also be available free of charge, at the SEC’s website at www.sec.gov, or by directing a request to: Avista Public Acquisition Corp. II, 65 East 55th Street, 18th Floor, New York, NY 10022.

 

Participants in the Solicitation

 

APAC, Ligand and OmniAb, and each of their respective directors, executive officers and other members of their management and employees may be deemed to be participants in the solicitation of proxies from APAC’s shareholders in connection with the Business Combination. Shareholders are urged to carefully read the proxy statement/prospectus regarding the Business Combination when it becomes available, because it will contain important information. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of APAC’s shareholders in connection with the Business Combination will be set forth in the registration statement when it is filed with the SEC. Information about APAC’s executive officers and directors and OmniAb’s management and directors also will be set forth in the registration statement relating to the Business Combination when it becomes available.

 

 

 

 

 

No Solicitation or Offer

 

This communication shall neither constitute an offer to sell nor the solicitation of an offer to buy any securities, or the solicitation of any proxy, vote, consent or approval in any jurisdiction in connection with the Business Combination, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to any registration or qualification under the securities laws of any such jurisdictions. This communication is restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation.

 

Forward-Looking Statements

 

This communication contains forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. All statements other than statements of historical facts contained in this communication, including statements regarding the expected timing and structure of the Business Combination, the ability of the parties to complete the Business Combination, the expected benefits of the Business Combination, the tax consequences of the Business Combination, the amount of gross proceeds expected to be available to OmniAb after the closing and giving effect to any redemptions by APAC shareholders, OmniAb’s future results of operations and financial position, business strategy and its expectations regarding the application of, and the rate and degree of market acceptance of, the OmniAb technology platform and other technologies, OmniAb’s expectations regarding the addressable markets for our technologies, including the growth rate of the markets in which it operates, the potential for and timing of receipt of milestones and royalties under OmniAb’s license agreements with partners, are forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of Ligand, OmniAb and APAC, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, but are not limited to: the risk that the transactions may not be completed in a timely manner or at all, which may adversely affect the price of Ligand’s or APAC’s securities; the risk that APAC shareholder approval of the Business Combination is not obtained; the inability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, the amount of funds available in APAC’s trust account following any redemptions by APAC’s shareholders; the failure to receive certain governmental and regulatory approvals; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; changes in general economic conditions, including as a result of the COVID 19 pandemic or the conflict between Russia and Ukraine; the outcome of litigation related to or arising out of the Business Combination, or any adverse developments therein or delays or costs resulting therefrom; the effect of the announcement or pendency of the transactions on Ligand’s, OmniAb’s or APAC’s business relationships, operating results, and businesses generally; the ability to continue to meet Nasdaq’s listing standards following the consummation of the Business Combination; costs related to the Business Combination; that the price of APAC’s or Ligand’s securities may be volatile due to a variety of factors, including Ligand’s, APAC’s or OmniAb’s inability to implement their business plans or meet or exceed their financial projections and changes in the combined capital structure; the ability to implement business plans, forecasts, and other expectations after the completion of the Business Combination, and identify and realize additional opportunities; and the ability of OmniAb to implement its strategic initiatives.

 

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of APAC’s registration statement on Form S-1 (File No. 333-257177), the registration statement on Form S-4, the registration statement on Form 10, the proxy/information statement/prospectus and certain other documents filed or that may be filed by APAC, Ligand or OmniAb from time to time with the SEC following the date hereof. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Ligand, OmniAb and APAC assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

 

None of Ligand, OmniAb, or APAC gives any assurance that Ligand, OmniAb or APAC will achieve their expectations.

 

Market and Industry Data

 

This communication also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about the antibody industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of OmniAb’s future performance and the future performance of the markets in which OmniAb operates are necessarily subject to a high degree of uncertainty and risk.

 

 

 

 

 

Item 9.01.Financial Statements and Exhibits.

 

  (d) Exhibits.
     

Exhibit No.

  

Description

99.1   Joint Press Release of Avista Public Acquisition Corp. II and Ligand Pharmaceuticals Incorporated, dated March 23, 2022.
99.2   Investor Presentation, issued March 23, 2022.
99.3   Transcript of Investor Presentation Audio, issued March 23, 2022.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

  

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  

 

Avista Public Acquisition Corp. II  

   
Date: March 23, 2022 By: /s/ Benjamin Silbert
  Name: Benjamin Silbert
  Title: General Counsel

  

 

 

 

 

Exhibit 99.1

 

  

 

Ligand to Spin-Off its OmniAb Business Through Merger with
Avista Public Acquisition Corp. II

 

Transaction will result in OmniAb becoming an independent publicly traded company

 

Ligand’s shareholders to receive 100% of Ligand’s shares in OmniAb through a tax-free distribution immediately prior to the merger

 

EMERYVILLE, CALIFORNIA and NEW YORK (March 23, 2022) – Ligand Pharmaceuticals Incorporated (Ligand) (NASDAQ: LGND) today announced the signing of a definitive merger agreement with Avista Public Acquisition Corp. II (APAC) (NASDAQ: AHPA), a publicly traded special purpose acquisition company (SPAC), providing for the spin-off of OmniAb, Inc. (OmniAb), Ligand’s antibody discovery business, immediately followed by a merger with a newly formed subsidiary of APAC. The combined company will be led by Ligand’s President, Matt Foehr, and will be renamed “OmniAb, Inc.”

 

Upon the closing of the transaction, Avista Capital Partners (Avista), APAC’s sponsor and a leading private equity firm focused on the healthcare industry, has agreed to invest up to $115 million in the combined company, and Ligand will contribute $15 million. The combined company will have an initial pre-money equity valuation of $850 million. Immediately prior to the transaction close, Ligand intends to distribute 100% of its ownership of OmniAb to Ligand shareholders in a tax-free distribution. The transaction is expected to close in the second half of 2022.

 

Ligand’s OmniAb antibody discovery platform provides pharmaceutical industry partners with access to diverse antibody repertoires and high-throughput screening technologies to enable discovery of next-generation therapeutics. At the heart of the OmniAb platform is the Biological Intelligence™ (BI) of its proprietary transgenic animals including OmniRat, OmniChicken and OmniMouse, which have been genetically modified to generate antibodies with human sequences to facilitate the development of human therapeutic candidates. Over 55 partners currently have access to OmniAb-derived antibodies and more than 250 programs are being actively developed or commercialized. In 2021, nine antibodies derived from the OmniAb platform entered clinical testing and two royalty-bearing antibodies received regulatory approvals.

 

“In late 2021, Ligand’s Board of Directors decided to separate Ligand into two public companies given the growth prospects and needs of our various proprietary technology platforms, and to unlock value to Ligand’s shareholders,” said John Higgins, CEO of Ligand. “We considered multiple ways to pursue a separation with the goals of ensuring a smooth transition of operations, a healthy balance sheet for both OmniAb and Ligand, and strong market sponsorship. As we were preparing for a first-half 2022 direct spin-off of OmniAb to Ligand’s shareholders, as discussed on our recent earnings call, we received an offer from Avista to merge OmniAb with their SPAC. The Avista team is comprised of high-quality healthcare operators and investors with an excellent track record. They have done extensive due diligence and see the potential and value of OmniAb, a highly competitive, leading platform with strong momentum given recent major clinical and regulatory successes. We are very pleased to partner with APAC and its shareholders to take OmniAb to the next level.”

 

“The OmniAb business is positioned for continued growth and success as we provide partners with access to diverse antibody repertoires and cutting-edge high-throughput screening technologies that enable the discovery of next-generation therapeutics,” said Mr. Foehr. “Two OmniAb-derived antibodies recently received regulatory approvals in China and a third approval is expected in the United States later this year. Our growing roster of partners and new programs illustrates the value our technology offers. We are excited to join forces with Avista to further build and expand our differentiated capabilities with applicability to a variety of modalities, and to leverage our technical strengths to become the industry’s partner of choice.”

 

 

 

 

David Burgstahler, CEO of APAC, added, “OmniAb’s merger with APAC and its subsequent status as a standalone public company will help propel the company toward a new phase of growth and value creation. The merger will empower OmniAb with access to the capital markets, strong cash reserves, the agility to drive innovation and a superb leadership team. We look forward to partnering with Matt and the entire organization as they continue to differentiate OmniAb as a critical partner in advancing drug discovery and development.”

 

Matt Foehr will lead OmniAb as CEO and will resign from his role as Ligand’s President and COO at closing. Kurt Gustafson has joined the OmniAb management team as CFO, bringing over 25 years of diverse experience in corporate finance and senior management roles in growth-oriented publicly traded biopharmaceutical companies, most recently as CFO of Spectrum Pharmaceuticals. Mr. Gustafson previously served as CFO of Halozyme Therapeutics and held senior finance roles at Amgen.

 

Transaction Details 

The combination of OmniAb and AHPA is structured to guarantee a minimum of $130 million in gross cash to the combined company at the time of closing, and up to $266 million in the event of no redemptions by APAC shareholders. APAC’s shareholders will be eligible to participate in the transaction or to elect redemption of their shares. Avista has agreed to guarantee that Avista and AHPA will provide at least $115 million of gross cash to the combined company through a $15 million PIPE investment and a $100 million facility to backstop potential redemptions. Ligand’s $15 million contribution to OmniAb will be made irrespective of the number of redemptions or the Avista contributions.

 

Ligand intends to distribute 100% of the equity in OmniAb to Ligand shareholders immediately prior to the business combination with APAC. The transaction will be effected through a “Reverse Morris Trust” transaction pursuant to which OmniAb will be spun-off to Ligand’s shareholders and simultaneously merged as a subsidiary of APAC. The transaction is expected to be tax-free to Ligand and its shareholders for U.S. federal income tax purposes, except for cash received in lieu of fractional shares. Upon the closing of the transaction, Ligand shareholders are expected to own approximately 75% to 84% of the combined company, depending on redemptions, which will be listed on the Nasdaq Global Markets under the ticker symbol “OABI”.

 

The Boards of Directors of both APAC and Ligand have unanimously approved the proposed transaction, which is subject to customary closing conditions, including receipt of required regulatory approvals and receipt of approval from APAC’s shareholders.

 

Credit Suisse is acting as lead capital markets and financial advisor to OmniAb, Cowen, Stifel, SVB Leerink and Truist Securities are also acting as capital markets and financial advisors to OmniAb, and CJS Securities, Craig-Hallum Capital Group LLC, H.C. Wainwright & Co. and Roth Capital Partners are acting as advisors to OmniAb. Weil, Gotshal & Manges LLP is legal advisor to APAC. Latham & Watkins LLP is legal advisor to Ligand.

 

Additional information about the transaction will be provided in a Current Report on Form 8-K to be filed by APAC with the Securities and Exchange Commission (SEC) and will be available on the SEC’s website at www.sec.gov.

 

Technologies 

Following the completion of this transaction, OmniAb will consist of the OmniAb discovery platform featuring transgenic animals that have been genetically modified to generate antibodies with human sequences to facilitate development of human therapeutic candidates, as well as the Icagen ion channel technology. Ligand Pharmaceuticals’ platform technologies will consist of the Captisol® technology, a patent-protected, chemically modified cyclodextrin with a structure designed to optimize the solubility and stability of drugs, and the Pelican Expression Technology®, a robust, validated, cost-effective and scalable platform for recombinant protein production that is especially well-suited for complex, large-scale protein production.

 

 

 

 

About OmniAb® 

The OmniAb discovery platform provides pharmaceutical industry partners with access to diverse antibody repertoires and high-throughput screening technologies to enable discovery of next-generation therapeutics. At the heart of the OmniAb platform is the Biological Intelligence (BI) of our proprietary transgenic animals, including OmniRat, OmniChicken and OmniMouse, which have been genetically modified to generate antibodies with human sequences to facilitate development of human therapeutic candidates. OmniFlic (transgenic rat) and OmniClic (transgenic chicken) address industry needs for bispecific antibody applications though a common light chain approach, and OmniTaur features unique structural attributes of cow antibodies for complex targets. OmniAb animals comprise the most diverse host systems available in the industry and they are optimally leveraged through computational antigen design and immunization methods, paired with high-throughput microfluidic-based single B cell screening and deep computational analysis of next-generation sequencing datasets to identify fully human antibodies with superior performance and developability characteristics. An established core competency focused on ion channels and transporters further differentiates our technology and creates opportunities to further leverage across modalities, including antibody-drug conjugates and others. The OmniAb suite of technologies and differentiating computational capabilities and BI features are combined to offer a highly efficient and customizable end-to-end solution for the growing discovery needs of the global pharmaceutical industry. For more information, please visit www.omniab.com.

 

About Avista Public Acquisition Corp. II 

APAC is a special purpose acquisition company that completed its initial public offering in August 2021. APAC was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or business combination with one or more businesses. APAC is sponsored by Avista Acquisition LP II, which was formed for the express purpose of acting as the sponsor for APAC. Avista Acquisition Corp. is an affiliate of Avista Capital Holdings, L.P. For more information, please visit www.avistapac.com/ahpac.

 

About Ligand 

Ligand is a biopharmaceutical company focused on developing or acquiring technologies that help pharmaceutical companies discover and develop medicines. Our business model creates value for shareholders by providing a diversified portfolio of biotech and pharmaceutical product revenue streams that are supported by an efficient and low corporate cost structure. Our goal is to offer investors an opportunity to participate in the promise of the biotech industry in a profitable, diversified and lower-risk business than a typical biotech company. Our business model is based on doing what we do best: drug discovery, early-stage drug development, product reformulation and partnering. We partner with other pharmaceutical companies to leverage what they do best (late-stage development, regulatory management and commercialization) ultimately to generate our revenue. Ligand’s OmniAb® technology platform is a patent-protected transgenic animal platform used in the discovery of fully human monoclonal and bispecific therapeutic antibodies. The Captisol® platform technology is a patent-protected, chemically modified cyclodextrin with a structure designed to optimize the solubility and stability of drugs. Ligand’s Pelican Expression Technology® is a robust, validated, cost-effective and scalable platform for recombinant protein production that is especially well-suited for complex, large-scale protein production where traditional systems are not. Ligand has established multiple alliances, licenses and other business relationships with the world’s leading pharmaceutical companies including Amgen, Merck, Pfizer, Sanofi, Janssen, Takeda, Servier, Gilead Sciences and Baxter International. For more information, please visit www.ligand.com.

 

 

 

 

Forward-Looking Statements 

This news release contains forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. All statements other than statements of historical facts contained in this news release, including statements regarding the expected timing and structure of the proposed transaction, the ability of the parties to complete the proposed transaction, the expected benefits of the proposed transaction, the tax consequences of the proposed transaction, the amount of gross proceeds expected to be available to OmniAb after the closing and giving effect to any redemptions by APAC shareholders, OmniAb’s future results of operations and financial position, business strategy and its expectations regarding the application of, and the rate and degree of market acceptance of, the OmniAb technology platform and other technologies, OmniAb’s expectations regarding the addressable markets for our technologies, including the growth rate of the markets in which it operates, the potential for and timing of receipt of milestones and royalties under OmniAb’s license agreements with partners, are forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of Ligand, OmniAb and APAC, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, but are not limited to: the risk that the transactions may not be completed in a timely manner or at all, which may adversely affect the price of Ligand’s or APAC’s securities; the risk that APAC shareholder approval of the proposed transactions is not obtained; the inability to recognize the anticipated benefits of the proposed transactions, which may be affected by, among other things, the amount of funds available in APAC’s trust account following any redemptions by APAC’s shareholders; the failure to receive certain governmental and regulatory approvals; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; changes in general economic conditions, including as a result of the COVID-19 pandemic or the conflict between Russia and Ukraine; the outcome of litigation related to or arising out of the proposed transactions, or any adverse developments therein or delays or costs resulting therefrom; the effect of the announcement or pendency of the transactions on Ligand’s, OmniAb’s or APAC’s business relationships, operating results, and businesses generally; the ability to continue to meet Nasdaq’s listing standards following the consummation of the proposed transactions; costs related to the proposed transactions; that the price of APAC’s or Ligand’s securities may be volatile due to a variety of factors, including Ligand’s, APAC’s or OmniAb’s inability to implement their business plans or meet or exceed their financial projections and changes in the combined capital structure; the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transactions, and identify and realize additional opportunities; and the ability of OmniAb to implement its strategic initiatives.

 

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of APAC’s registration statement on Form S-1 (File No. 333-257177), the registration statement on Form S-4, the registration statement on Form 10, the proxy/information statement/prospectus and certain other documents filed or that may be filed by APAC, Ligand or OmniAb from time to time with the SEC following the date hereof. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Ligand, OmniAb and APAC assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Ligand, OmniAb, or APAC gives any assurance that Ligand, OmniAb or APAC will achieve their expectations. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

 

 

 

 

Additional Information 

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 common stock, warrants and certain equity awards. The Form S-4 to be filed by APAC will include a proxy statement/prospectus in connection with the APAC shareholder vote required in connection with the proposed transaction. The Form 10 to be filed by OmniAb will include the Form S-4 registration statement filed by APAC which will serve as an information statement/prospectus in connection with the spin-off of OmniAb. This communication does not contain all the information that should be considered concerning the business combination. This communication is not a substitute for the registration statements that OmniAb and APAC will file with the SEC or any other documents that APAC or OmniAb may file with the SEC or that APAC, Ligand or OmniAb may send to shareholders in connection with the business combination. It is not intended to form the basis of any investment decision or any other decision in respect to the business combination. APAC's shareholders and Ligand’s shareholders and other interested persons are advised to read, when available, the preliminary and definitive registration statements, and documents incorporated by reference therein, as these materials will contain important information about APAC, OmniAb and the business combination. The proxy statement/prospectus contained in APAC’s registration statement will be mailed to APAC's shareholders as of a record date to be established for voting on the business combination.

 

The registration statements, proxy statement/prospectus and other documents (when they are available) will also be available free of charge, at the SEC's website at www.sec.gov, or by directing a request to: Avista Public Acquisition Corp. II, 65 East 55th Street, 18th Floor, New York, NY 10022.

 

Participants in the Solicitation 

APAC, Ligand and OmniAb and each of their respective directors, executive officers and other members of their management and employees may be deemed to be participants in the solicitation of proxies from APAC’s shareholders in connection with the business combination. Shareholders are urged to carefully read the proxy statement/prospectus regarding the business combination when it becomes available, because it will contain important information. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of APAC’s shareholders in connection with the business combination will be set forth in the registration statement when it is filed with the SEC. Information about APAC's executive officers and directors and OmniAb's management and directors also will be set forth in the registration statement relating to the business combination when it becomes available.

 

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction.

 

Contacts: 

Ligand Pharmaceuticals Incorporated 

Simon Latimer 

investors@ligand.com

(858) 550-7766

 

LHA Investor Relations 

Bruce Voss 

bvoss@lhai.com
(310) 691-7100

 

Avista Public Acquisition Corp. II 

Amanda Heravi 

heravi@avistacap.com 

and

Daniel Yunger / Hallie Wolff

Kekst CNC

daniel.yunger@kekstcnc.com / hallie.wolff@kekstcnc.com

 

# # #

 

 

 

 

Exhibit 99.2

GRAPHIC

ANCHORED SPIN-OFF INVESTOR PRESENTATION March 2022

GRAPHIC

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. (OmniAb), a wholly owned subsidiary of Ligand Pharmaceuticals Incorporated (Ligand), and related transactions, and for no other purpose. The information contained herein does not purport to be all inclusive and no representation or warranty, express or implied, is or will be given by APAC, OmniAb or Ligand or any of their respective affiliates, directors, officers, employees or advisers or any other person as to the accuracy, completeness or reliability of the information contained in this presentation. Forward-Looking Statements This presentation contains forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. All statements other than statements of historical facts contained in this presentation, including statements regarding the expected timing and structure of the proposed transaction, the ability of the parties to complete the proposed transaction, the expected benefits of the proposed transaction, the tax consequences of the proposed transaction, the amount of gross proceeds expected to be available to OmniAb after the closing and giving effect to any redemptions by APAC shareholders, OmniAb’s future results of operations and financial position, business strategy and its expectations regarding the application of, and the rate and degree of market acceptance of, the OmniAb technology platform and other technologies, OmniAb’s expectations regarding the addressable markets for our technologies, including the growth rate of the markets in which it operates, the potential for and timing of receipt of milestones and royalties under OmniAb’s license agreements with partners, are forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of Ligand, OmniAb and APAC, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, but are not limited to: the risk that the transactions may not be completed in a timely manner or at all, which may adversely affect the price of Ligand’s or APAC’s securities; the risk that APAC shareholder approval of the proposed transactions is not obtained; the inability to recognize the anticipated benefits of the proposed transactions, which may be affected by, among other things, the amount of funds available in APAC’s trust account following any redemptions by APAC’s shareholders; the failure to receive certain governmental and regulatory approvals; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; changes in general economic conditions, including as a result of the COVID-19 pandemic or the conflict between Russia and Ukraine; the outcome of litigation related to or arising out of the proposed transactions, or any adverse developments therein or delays or costs resulting therefrom; the effect of the announcement or pendency of the transactions on Ligand’s, OmniAb’s or APAC’s business relationships, operating results, and businesses generally; the ability to continue to meet Nasdaq’s listing standards following the consummation of the proposed transactions; costs related to the proposed transactions; that the price of APAC’s or Ligand’s securities may be volatile due to a variety of factors, including Ligand’s, APAC’s or OmniAb’s inability to implement their business plans or meet or exceed their financial projections and changes in the combined capital structure; the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transactions, and identify and realize additional opportunities; and the ability of OmniAb to implement its strategic initiatives. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of APAC’s registration statement on Form S-1 (File No. 333-257177), the registration statement on Form S-4, the registration statement on Form 10, the proxy/information statement/prospectus and certain other documents filed or that may be filed by APAC, Ligand or OmniAb from time to time with the SEC following the date hereof. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Ligand, OmniAb and APAC assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Ligand, OmniAb, or APAC gives any assurance that Ligand, OmniAb or APAC will achieve their expectations. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Market and Industry Data This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about the antibody industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of OmniAb’s future performance and the future performance of the markets in which OmniAb operates are necessarily subject to a high degree of uncertainty and risk.

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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 common stock, warrants and certain equity awards. The Form S-4 to be filed by APAC will include a proxy statement/prospectus in connection with the APAC shareholder vote required in connection with the proposed transaction. The Form 10 to be filed by OmniAb will include the Form S-4 registration statement filed by APAC which will serve as an information statement/prospectus in connection with the spin-off of OmniAb. This communication does not contain all the information that should be considered concerning the Business Combination. This communication is not a substitute for the registration statements that OmniAb and APAC will file with the SEC or any other documents that APAC or OmniAb may file with the SEC or that APAC, Ligand or OmniAb may send to stockholders in connection with the Business Combination. It is not intended to form the basis of any investment decision or any other decision in respect to the Business Combination. APAC's shareholders and Ligand’s stockholders and other interested persons are advised to read, when available, the preliminary and definitive registration statements, and documents incorporated by reference therein, as these materials will contain important information about APAC, OmniAb and the Business Combination. The proxy statement/prospectus contained in APAC’s registration statement will be mailed to APAC's shareholders as of a record date to be established for voting on the Business Combination. The registration statements, proxy statement/prospectus and other documents (when they are available) will also be available free of charge, at the SEC's website at www.sec.gov, or by directing a request to: Avista Healthcare Public Acquisition Corp. II, 65 East 55th Street, 18th Floor, New York, NY 10022. Participants in the Solicitation APAC, Ligand and OmniAb and each of their respective directors, executive officers and other members of their management and employees may be deemed to be participants in the solicitation of proxies from APAC’s shareholders in connection with the Business Combination. Shareholders are urged to carefully read the proxy statement/prospectus regarding the Business Combination when it becomes available, because it will contain important information. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of APAC’s shareholders in connection with the Business Combination will be set forth in the registration statement when it is filed with the SEC. Information about APAC's executive officers and directors and OmniAb's management and directors also will be set forth in the registration statement relating to the Business Combination when it becomes available. No Solicitation or Offer This presentation and any oral statements made in connection with this presentation shall neither constitute an offer to sell nor the solicitation of an offer to buy any securities, or the solicitation of any proxy, vote, consent or approval in any jurisdiction in connection with the proposed Business Combination, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to any registration or qualification under the securities laws of any such jurisdictions. This communication is restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation. Trademarks This presentation contains trademarks, service marks, and trade names of Ligand, OmniAb, APAC and other companies, which are the property of their respective owners. Solely for convenience, the trademarks, service marks, trade names and copyrights referred to in this presentation may appear without the TM, SM, ® or © symbols, but such references are not intended to indicate, in any way, that APAC, Ligand or OmniAb will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks, trade names and copyrights.

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4 OMNIAB + AVISTA A COMBINATION OF TWO LEADING LIFE SCIENCES FRANCHISES Platform Track Record People Source: Company materials and filings. (1) Total of $8 billion equity invested includes ~$3 billion from co-investors / co-sponsors. Total of 42 healthcare companies includes transactions at DLJMB, a predecessor firm to Avista. • BIOLOGICAL INTELLIGENCE™ • High-throughput screening technologies • Industry’s only four animal species platform (transgenic rat, mouse and chicken, and cow-derived) • 55+ active global partners • 250+ active discovery programs • Two approved OmniAb-derived products, one BLA under FDA review with Breakthrough Therapy designation • 23 clinical stage antibodies and 2 approved products • Scientific leadership in antibody discovery, genetic engineering, biology / ion channels and systems engineering • 82 employees, including 74 in R&D • Headquartered in Emeryville, CA • Significant domain knowledge with healthcare industry focus • Creative and flexible investment approach • $115 million of fully-committed equity financing provided to OmniAb • Successful track record of building sustainable growth healthcare companies over 25 years • $8+ billion invested in 42 healthcare companies(1) • Supported 80+ add-on acquisitions • Public markets expertise: 15 IPOs in healthcare sector • 30 professionals, including leading healthcare industry experts • Headquartered in New York, NY

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5 ADDING A LEADING DRUG DISCOVERY PLATFORM TO AVISTA’S PHARMA SERVICES PORTFOLIO Discovery Early-Stage Research & Development Late-Stage Development & Commercialization • Built capabilities and competitive strengths to become partner of choice ‒ BI designed to yield industry’s most diverse sets of high-quality antibodies ‒ Rapid deep sequencing of immune repertoires ‒ Differentiated ion channel capabilities ‒ Diversified business model ‒ Robust IP portfolio • Avista investment professionals have deep domain expertise in the pharma services sector • Eight completed investments, including five successful exits via IPOs and sales to strategic acquirors • Avista professionals’ investment experience spans the full spectrum of drug development including drug discovery, preclinical / bio-analytical testing and late stage / post-approval • Track record of creating value through: ‒ Investing to add new capabilities and accelerate revenue growth ‒ Margin expansion ‒ Accretive M&A to enhance scale and capabilities ‒ Creative financings

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6 ($m) Sources Uses APAC Cash $236 Cash to Balance Sheet $250 Avista Minimum Commitment 15 Estimated Transaction Fees 16 Ligand Contribution 15 Total $266 Total $266 75.0% 20.3% 4.7% Ligand Shareholders APAC Shareholders Avista Shares ($m, except per share amount) Share Price $10.00 Pro Forma Shares Outstanding 113.3 Post-Transaction Equity Value $1,133 (-Cash) (250) Pro Forma Enterprise Value $884 ▪ 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- money equity valuation of $850 million - OmniAb to become an independent publicly traded company - Anchored spin-off transaction is backed with committed capital from Avista and Ligand - Tax-free distribution for existing Ligand shareholders via all SPAC consideration ▪ All-primary transaction will result in gross proceeds of up to $266 million, through a combination of: - APAC’s $236 million cash in trust - Avista to invest $15 million at $10.00 per share and provide up to an additional $100 million to backstop redemptions - $15 million contribution from Ligand - Earn-out payable to existing Ligand shareholders of 7.5mm shares @ $12.50 and 7.5mm shares @$15.00 - 33% of Avista’s sponsor shares (1.9 million) subject to earnout at the same thresholds as Ligand shareholders ▪ Closing Expected 2H 2022 TRANSACTION SUMMARY Note: Assumes no redemptions. Excludes impact of 8.2 million Avista warrants and 7.7 million public warrants, each struck at $11.50. Excludes impact of 15.0 million Ligand earnout shares and 1.9 million Avista earnout shares. Up to 37.5% of Avista’s earnout shares are immediately vested pro rata to any utilization of the $100 million backstop facility. (1) Excludes OmniAb’s expenses. (2) Includes 1.5 million co-investment shares and 3.8 million sponsor shares. Transaction Summary Illustrative Sources & Uses Illustrative Pro Forma Ownership Pro Forma Enterprise Value (2) (1)

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7 $1,961 $835 $4,844 $2,216 $567 $2,095 $1,878 $1,301 $3,726 $2,616 $1,313 $1,203 KEY MARKET COMPARABLES SUGGEST SUBSTANTIAL VALUE CREATION OPPORTUNITY Source: Company materials, filings, and FactSet as of 03/18/22. (1) Includes 248 active programs with downstream economics. (2) Includes total program initiations, Adimab does not disclose current active program count. (3) Includes 54 active programs with downstream economics. (4) Includes 3 programs from recent Merck collaboration. Enterprise Value ($) in millions Private 252(1) 425(2) 111 78(3) 12(4) Diversified Drug Discovery Computationally-Enabled Drug Discovery Next-Generation Discovery and Production Technologies # of Active Programs

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8 EXPERIENCED LEADERSHIP TEAM WITH PROVEN TRACK RECORD OF SUCCESS Carolyn Bertozzi, PhD Board Member Professor of Humanities & Sciences Stanford University Investigator HHMRI Former Board Member Lilly, Advisor to GlaxoSmithKline Founder of multiple companies Sarah Boyce Board Member Chair of HC&C Committee CEO, Avidity Board Member Berkeley Lights Former Akcea Therapeutics, Ionis Pharmaceuticals, Forest Labs Sunil Patel Board Member Chair of Audit Committee Public & Private Biotech Executive Former Abgenix, Gilead, BiPar and OncoMed Jennifer Cochran, PhD Board Member Chair of Nominating Committee Professor of Bioengineering Stanford University Founder of multiple companies John Higgins Board Chair CEO and Board Member, Ligand Former CFO, Connetics Corp Board Member Bio-Techne Matt Foehr Board Member CEO, OmniAb Inc. Board Member Viking Therapeutics Former Exec at Ligand, GlaxoSmithKline, Stiefel Labs, Connetics Kurt Gustafson CFO, OmniAb Inc. Board Member Xencor, Inc Former Exec at Spectrum Pharmaceuticals, Halozyme Theraputics, Amgen Thompson Dean Chairman and Co-Head of Investment Comittee, Avista Capital Partners Board member Cooper Consumer Health, eMolecules, National Spine & Pain Centers, Probo Medical, Vision Healthcare David Burgstahler Managing Partner and CEO, Avista Capital Partners Board member Cosette Pharmaceuticals, Inform Diagnostics, RVL Pharmaceuticals, United BioSource Corporation, XIFIN OmniAb Board Nominees OmniAb Leadership Team Avista Leadership Team

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THE OMNIAB PLATFORM

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10 SETTING THE STAGE - OMNIAB’S SPIN-OFF FROM LIGAND • Ligand’s proven business model is focused on developing and acquiring technologies that enable the discovery and development of medicines ‒ 140+ partners among pharmaceutical and biotechnology companies ‒ 400+ fully-funded programs in various stages ‒ 1,600+ issued patents worldwide • On November 9, 2021, Ligand announced its intention to split into two separate, publicly-traded companies ‒ SpinCo: OmniAb, Icagen and other antibody discovery technologies ‒ RemainCo: Core existing royalties and Captisol, Pelican technologies • Anchored tax-free spin-off to create two well-capitalized companies ‒ Operational focus ‒ Business-specific capital allocation ‒ Agility to meet partner needs • Opportunity to unlock value of OmniAb Ligand at a Glance Broad portfolio of 140+ different partners PROPRIETARY COMPOUNDS Note: Each dot in above graphic represents a program

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11 0 10 20 30 40 50 60 70 80 Type of Drug Clinical Success Rates(1) Small Molecules 6.2% Biologics/Antibodies 11.5% Sources: 2020 Sales of Recombinant Therapeutic Antibodies, Proteins, Biosimilars & Other Biologics (La Merie Publishing). Clinical Development success rates 2006-2019 (Bio, Biomedtracker and Amplion). Tables of approved mAbs and antibodies in review available at https://www.antibodysociety.org/resources/approved-antibodies/ (1) Defined as composite success rate of clinical development from Phase I trials to regulatory submission. Higher Success Rates Historical success rates for antibody classes is nearly twice the rate of small molecules Substantial growth in number of new antibody therapeutics Acceleration of Regulatory Approvals (FDA and EMA) ANTIBODIES AND INDUSTRY DEMAND HIGHER SUCCESS RATES FOR ANTIBODY MEDICINES DRIVE OUR INDUSTRY’S NEED FOR DISCOVERY TECHNOLOGY Increasing Antibody Market • $236B in antibody sales by 2025 (up from >$184B in 2020) • 41 blockbuster antibodies in 2020 (up from 36 in 2019) • Five best-selling antibodies had ~$55B of sales in 2020 Existing Industry limitations • Current approaches burdened with critical disadvantages – lack of antibody diversity, lengthy timelines, excess costs and lack of flexibility

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12 OMNIAB HISTORY OVER 13 YEARS OF INVESTMENT BUILT OUR BEST-IN-CLASS PLATFORM Ligand Acquired OMT (OmniAb) Crystal Bio (OmniChicken) 2008 2016 2017 2018 2019 2020 OMT Founded Ab Initio (Computationally Powered Antigen Design) xCella (Microcapillary Platform) Taurus (OmniTaur) Significant Internal Investment and R&D • Next generation animals (Bispecifics, HCO, etc.) • Expanded state-of-the art labs and added capacity • AI-powered single-cell microcapillary platform Strategically built tech platform to optimally harness the power of BIOLOGICAL INTELLIGENCE™ Development of OmniRat/OmniFlic/OmniMouse & 16 partnerships signed Icagen (Ion Channel Technology)

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13 Substantial progress in all phases, increase in discovery programs expected to rapidly feed growth in new clinical programs and future approvals Discovery: 217 Preclinical: 10 Phase 1: 18 Phase 2: 2 Phase 3: 2 Registration: 1 Approved: 2 Discovery: 20 Preclinical: 1 OMNIAB’S HISTORICAL GROWTH WITHIN LIGAND PROGRESSION AND PERFORMANCE IN PROGRAMS BY STAGE OF DEVELOPMENT 2016 at Acquisition(1) As of 12/31/21 (1) Estimated at the time of acquisition. 21 252

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14 THE OMNIAB PLATFORM Technology offering addresses critical industry needs and is paired with our highly specialized and efficient operation Create Diverse Pools of High-Quality Naturally Optimized Antibodies Screen Millions of Cells to Find Potential Therapeutic Candidates Further Characterize, Select & Optimize the Right Antibody We leverage our proprietary and differentiated technologies rather than commoditized industry services that are widely available from CROs or built into big pharma

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15 THE OMNIAB PLATFORM Technology offering addresses the most critical challenges of antibody discovery

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16 THE OMNIAB PLATFORM We believe generating large and diverse pools of high-quality antibodies increases the likelihood of discovering the antibody with the most desirable therapeutic characteristics Robust Antibodies for Any Target Bispecific Antibody Generation Cow-inspired Antibodies for Difficult Targets Computational Antigen Design & Proprietary Reagents Antibody Generation Technologies Industry’s only four-species platform A heritage of genetic engineering advancements Bispecific and cow-inspired technologies enable next generation therapeutics 23 in clinical development and two approved antibodies(1) Carefully designed transgenes for robust response (1) In August 2021, zimberelimab, was approved in China for the treatment of recurrent or refractory classical Hodgkin’s lymphoma, and in December 2021 sugemalimab, was approved in China for the first-line treatment of metastatic (stage IV) non-small cell lung cancer in combination with chemotherapy.

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17 THE OMNIAB PLATFORM xPloration Microcapillary Technology Gel Encapsulated Microenvironment (GEM) AI selects and ranks thousands of promising therapeutic candidates from immense amounts of phenotypic data We offer two powerful single B-cell screening technologies: xPloration and GEM assay Multi-parameter screening of tens of millions of cells in hours instead of weeks xPloration 2.0 (in development) Rapidly recover 1,000’s of antibody sequences

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18 THE OMNIAB PLATFORM •Data from multi-parameter screening and performance assays used in combination with bioinformatics •High-throughput epitope binning and kinetics analysis, and target-specific functional assays •Next generation sequencing (NGS) hit expansion to identify variant antibodies with improved characteristics •Proprietary assays for ion channel and transporter targets Our discovery teams are flexibly positioned to work closely with partners to identify the right antibody

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19 THE OMNIAB PLATFORM Proprietary cell lines enable high speed antigen production Cutting-edge assays facilitate high-throughput screens in GEM and xPloration platforms Proprietary assays leveraged for discovery and characterization of ion channel antibodies Within OmniAb are differentiated capabilities for viable target-to-lead delivery for difficult and high-value ion channel targets EXTENSIVE BIOLOGICAL CAPABILITIES ON ION CHANNELS AND TRANSPORTERS

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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 milestones from active OmniAb programs today (excluding antibody discovery programs), with continued growth expected as partners expand use of the platform and as we add new partners

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21 OMNIAB INTELLECTUAL PROPERTY ADVANTAGE Antibody Patent Applications filed by Partners PARTNERS FILING PATENTS ON OMNIAB-DERIVED ANTIBODIES CREATE DURABLE ROYALTY STREAMS AND A LENGTHY INTELLECTUAL PROPERTY TAIL >60 patent filings by our partners claiming an OmniAb-derived antibody as primary invention, with expiries up to 2041 • We maintain a broad intellectual property estate with multiple long duration patent families covering each major element of our technology platform • Licenses are structured so that royalties are linked to the patents for the antibodies discovered with OmniAb, thereby creating a lengthy coverage tail Over 300 patents issued worldwide 0 10 20 30 40 50 60 70

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22 SELECT OMNIAB PARTNERS >55 COMPANIES CURRENTLY HAVE ACCESS TO OMNIAB ANTIBODIES

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23 THE POWER OF OMNIAB PARTNER CASE STUDIES • Novel multi-transmembrane target for triple negative breast cancer • All previously-known antibodies to target could only bind to denatured or fixed form, therefore unsuitable for therapeutic use • Our antigen tech was applied to deliver mg-scale quantities of purified receptor in native conformation for immunization and screening • OmniChicken immunization led to discovery of a large and diverse panel of fully-human antibodies capable of binding target on live tissues • Partner has history of success in developing antibodies, with large discovery group and expanding novel biology • Partner needed a flexible, scalable antibody discovery solution to start dozens of new programs every year • Deep collaboration to develop next generation rodents, which were tested in parallel with active novel programs • OmniAb wholly owns rights to next- generation animals and can include them in the OmniAb technology offering to other partners • Growth factor target, highly conserved among mammals • Human version of target non- immunogenic in other rodents; no titer achieved despite numerous immunization attempts by partner • Genetic knockout of target gene attempted in mice but was lethal • OmniChicken immunization led to robust titers and diverse antibody panels • >90% of sequences recovered had excellent developability profiles based on multi-parameter in-silico analysis • Asia-based global pharma player that is establishing a new and substantial presence in antibody space with large investment and expansion of global antibody team • Partner needed OmniAb’s antibody discovery engine to power their growth • Selected OmniAb as core technology to feed robust discovery and development efforts • Developed three-way collaboration with deep repertoire analysis to rapidly identify best binders for bispecific antibodies Partner A Emerging Biotech Partner B Big Pharma Partner C Established Biotech Partner D Global Pharma

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24 OMNIAB CLINICAL AND APPROVED PARTNER PIPELINE TWO APPROVED PRODUCTS AND 23 CLINICAL OMNIAB-DERIVED ANTIBODIES Partner Program Source Animal Area Target Preclinical Phase 1 Phase 2 Phase 3 Registration Approved Zimberelimab OmniRat Oncology PD-1 Sugemalimab OmniRat Oncology PD-L1 Teclistamab OmniRat Oncology BCMA x CD3 Tiragolumab OmniRat Oncology TIGIT Batoclimab OmniRat Immunology FcRn GEN1046 OmniRat Oncology PD-L1 x 4-1BB APVO436 OmniMouse Oncology CD123 x CD3 JNJ-67371244 OmniMouse Oncology CD33 x CD3 JNJ-70218902 OmniRat Oncology Undisclosed JNJ-78306358 OmniRat Oncology HLA-G x CD3 M6223 OmniRat Oncology TIGIT GEN1047 OmniRat Oncology B7H4 x CD3 SYM022 OmniRat Oncology LAG-3 SYM023 OmniRat Oncology TIM-3 SYM024 OmniRat Oncology CD73 S095029 OmniRat Oncology NKG2A TNB-383B OmniFlic Oncology BCMA x CD3 Ancora TNB-486 OmniFlic Oncology CD19 x CD3 AMG 340 OmniFlic Oncology PSMA x CD3 SAL003 OmniRat Metabolic PCSK9 CN1 OmniRat Oncology Undisclosed Zhilkang Hongyi Undisclosed OmniRat Oncology 4-1BB Undisclosed OmniChicken Undisclosed Undisclosed Animal launch year: OmniRat 2012; OmniMouse 2014; OmniFlic 2014; OmniChicken 2016; OmniClic 2019; OmniTaur 2020 Notes: Most advanced status for each program shown. Zimberelimab and Sugemalimab are approved in China. * Indicates programs with fully paid licenses. † Programs discovered by Teneobio under a fully paid licenses. Future programs discovered under license agreement are subject to downstream economics. † * † †

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25 Active Partners 56(1) 36(2,3) 95(3) Active Programs 252(1) 78(2,3) 425(3) Programs by Stage Approved 2 1 1 Registration 1 - 55(3) Phase 3 2 - Phase 2 2 1 Phase 1 18 3 Technologies Capabilities Antigen Generation X Species Diversity Screening Capabilities Identification Analyze Engineer COMPETITIVE BENCHMARKING THREE CLEAR LEADERS IN INTEGRATED ANTIBODY DISCOVERY Sources: AbCellera Corporate Presentations dated 11/9/21 and 2/24/22; Adimab “Update on 2021 Partnership Activities” press release dated 1/12/22; Technologies capabilities based on Ligand’s internal assessment. (1) Includes 56 active partners and 248 active programs with downstream economics. (2) Includes 26 active partners and 54 active programs with downstream economics. (3) AbCellera and Adimab do not disclose if programs or partnerships are ongoing or terminated.

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26 OMNIAB TEAM Phil Leighton, PhD Sr. Director, Molecular Biology Genetic Engineering Lead, Crystal Bioscience and Origen Princeton, UCSF Ellen Collarini, PhD Sr. Director, Cell Biology Crystal Bioscience, Trellis, Roche Univ. Michigan, Univ. College-London Shelley Izquierdo, PhD Sr. Director, Antibody Discovery Crystal Bioscience, Trellis UC Berkeley Christel Iffland, PhD VP, Antibody Technology Former Associate Director at Merck KGaA / EMD Serono, Co-inventor of Avelumab Dana Farber, Albert Einstein College Bob Chen, PhD Sr. Director, Systems Engineering Former Exec at xCella Bio (Co-Founder/CTO) Stanford Bioengineering Marie-Cecile Van De Lavoir, PhD, DVM VP, Operations Co-Founder/COO, Crystal Bioscience Origen Therapeutics, Inventor Germ Cell Technology Fulbright Scholar, UCSF, Utrecht, Guelph, Cornell Bill Harriman, PhD SVP, Antibody Discovery Co-Founder/CSO, Crystal Bioscience Trellis, Roche, Abgenix UCSF-Immunology, Haas MBA SCIENTIFIC LEADERSHIP Doug Krafte, PhD SVP, Ion Channels Former Exec at Icagen, Pfizer Pain & Sensory Disorders, Boehringer Ingelheim, Aurora Biosciences Univ. Rochester, Vanderbilt

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FINANCIAL REVIEW

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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 rates typically in the low- to mid-single digits • Iterative improvements of antibody discovery engine expected to continue driving royalty rates and market share higher Long-term value of our business will be driven by downstream royalty payments

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29 OMNIAB KEY PERFORMANCE INDICATORS HIGHLY SCALABLE BUSINESS MODEL (1) Represents the unique number of partners with whom we have active license agreements or who have an active program. (2) Represents programs for which an antigen is introduced into our animals and remains so as long as the program is actively being developed or commercialized. * Active Programs not tracked prior to acquisition of Open Monoclonal Technology, Inc. in January 2016. • Strong consistent growth in key performance indicators • Active Partners(1): >30% CAGR since 2014 • Active Programs(2): >25% CAGR since 2016 • Highly scalable, with a large number of programs performed entirely by partners * * 0 50 100 150 200 250 300 Number of Active Programs 0 5 10 15 20 25 Number of Active Clinical and Commercial Programs 0 10 20 30 40 50 60 Number of Active Partners

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30 UNIT ECONOMICS AND PIPELINE DEVELOPMENT TO DRIVE FUTURE VALUE Key Value Drivers Per program economics ▪ Research fees ▪ Clinical and commercial milestones ▪ Royalties NPV per program ▪ Peak sales ▪ Average royalty rates ▪ Probability of success ▪ Time to approval ▪ Time to peak sales Current Portfolio Expected market growth ▪ $236B in antibody sales by 2025(1) ▪ Up from $184B in 2020(1) Portfolio expansion ▪ Investments in go-to-market initiatives ▪ Risk-sharing with partners Ab market opportunity ▪ Antigen generation ▪ Screening technologies ▪ Next-generation identification and optimization Pipeline Development (1) 2020 Sales of Recombinant Therapeutic Antibodies, Proteins, Biosimilars & Other Biologics (La Merie Publishing).

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31 ILLUSTRATIVE REVENUE PROFILES FOR SUCCESSFUL PARTNERED PROGRAMS Target equivalent NPV for all structures Program A Program B OMNIAB PARTICIPATION IS WEIGHTED TOWARDS DOWNSTREAM SUCCESS Flexible transaction structures enable optionality for partners while maintaining value for OmniAb Per product gross revenue potential, if approved and marketed, of up to $1 billion+ to OmniAb Research / Upfront Clinical Milestones Commercial Milestones / Royalties

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APPENDIX

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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-derived mAb • In 2015, GloriaBio contracted with WuXi Biologics to discover and develop zimberelimab in China using OmniRat ‒ Zimberelimab entered clinic in March 2017, and NDA was submitted to China NMPA in February 2020 • GloriaBio is also investigating zimberelimab in advanced solid tumors, and was granted Breakthrough Therapy designation for the treatment of patients with recurrent/metastatic cervical cancer in March 2021 • Zimberelimab is being developed by Arcus Biosciences (in collaboration with Gilead) in North America, Europe, Japan and certain other territories through a 2017 agreement

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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 and potential toxicity, approved as part of first-line treatment for metastatic nonsquamous NSCLC ‒ Touted by CStone as “first and only anti-PD-L1 approved for first-line treatment in metastatic nonsquamous NSCLC anywhere in the world” ‒ CStone also has an NDA pending for Cejemly® for Stage III NSCLC • Pfizer responsible for commercializing in China via 2020 strategic collaboration • EQRx licensed exclusive rights to sugemalimab for development / commercialization outside of China, targeting US NDA filing by year-end

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For more information, please visit www.omniab.com

 

 

Exhibit 99.3

 

Project Orwell Transcript

Transcribed By:

 

FINSIGHT

530 7th Avenue

New York, NY 10018

DISCLAIMER:

 

FINSIGHT makes every effort to ensure an accurate transcription. Enclosed is the output of transcribing from an audio recording. Although the transcription is largely accurate, in some cases, it may be incomplete or inaccurate due to inaudible passages or transcription errors. This transcript is provided as an aid to understanding but should not be treated as an authoritative record. FINSIGHT makes no representations or warranties to the accuracy and completeness of this transcript.

 

Slide 3

 

Hello, everyone. My name is David Burgstahler and I'm the president, CEO and director of Avista Public Acquisition Corp. II, and the managing partner and CEO of Avista Capital Partners. Avista has a successful track record of building sustainable growth health care companies for over 25 years. Dating back to DLJ Merchant Banking, our predecessor firm. We have invested over $8B of capital in over 40 health care companies and have executed 15 IPOs in the health care sector.

 

In 2021, we launched Avista Public Acquisition Corp. II, a special purpose acquisition company focused on the health care sector, which has $236M in trust. We are thrilled with this morning's announcement that APAC has agreed to merge with OmniAb in a transaction that will bring OmniaAb to the public markets as a standalone company.

 

As healthcare investors, we are always searching for innovative technologies that advance outcomes and improve patient lives, and we are highly impressed with OmniAb’s leading antibody discovery platform. OmniAb’s platform provides biopharma partners with access to diverse antibody repertoires and innovative high-throughput screening technologies to enable the discovery of next-generation antibody therapeutics. We believe that OmniAb’s technology platform, high-quality roster of biopharma partners, and track record of advancing its antibodies into and through the clinic – with 23 antibodies in clinical testing, including recently gaining its first two regulatory approvals – positions OmniAb well for continued sustainable growth.

 

We believe that Avista’s experience, combined with the equity investment into OmniAb as part of this transaction, will enable OmniAb to drive the next phase of its growth as a standalone public company and capitalize on its tremendous momentum.

 

 

 

  

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Avista has a longstanding history of partnering with and growing pharma services companies. The Avista team has completed 8 pharma services investments, including 5 successful exits. Our investment experience spans the full drug development lifecycle, including discovery, preclinical and clinical CROs, bioanalytical and lab testing, and commercialization.

 

Our companies have a track record of creating value through multi-faceted growth strategies including robust organic growth, new product and service launches, and accretive M&A. Our investments over the years have included many well-known pharma services companies such as Charles River Labs, MPI Research, and INC Research, which is now known as Syneos Health. We are incredibly excited to build on our pharma services track record with our investment in OmniAb.

 

Slide 5

 

I will now provide a brief overview of the transaction.

 

Under the terms of the definitive merger agreement announced this morning, Ligand will spin-off OmniAb to Ligand’s stockholders in a tax-free distribution, and concurrently merge OmniAb with a subsidiary of APAC. The transaction will result in OmniAb becoming an independent public company, which will retain the name OmniAb going forward.

 

This transaction is structured to guarantee a minimum of $130M in gross proceeds to OmniAb at the time of closing, and up to $266M of gross proceeds. Investors of the existing $236M of cash held in trust at the SPAC will be eligible to participate in the transaction or to elect a redemption of funds.

 

As shown on the slide, OmniAb could potentially retain the full $236 million, plus a $15M minimum investment from Avista and $15M contribution from Ligand for total gross proceeds of $266M. Avista has agreed to guarantee OmniAb will have at least $115M of cash from sources other than Ligand through the combination of a $15 million direct investment and a $100M facility to backstop potential redemptions from the SPAC Trust. As I previously mentioned, Ligand will contribute $15 million to OmniAb independent of redemptions or Avista backstop funding, resulting in a minimum of $130M of gross proceeds.

 

Assuming no redemptions from the SPAC Trust, existing Ligand shareholders will own approximately 75% of the pro forma company, while APAC shareholders will own approximately 20% and Avista will own approximately 5%.

 

The transaction is expected to close in the second half of 2022.

 

 

 

  

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APAC’s merger with OmniAb values the Company at an $835M total enterprise value.

 

We believe there is substantial upside potential for value creation for the company’s go-forward stockholders, particularly when benchmarking OmniAb’s value versus other innovative companies in the drug discovery arena.

 

In conclusion, we are delighted to be partnering with OmniAb, and believe that the company’s momentum, positioning as an independent public company, and the proceeds from the transaction, will propel OmniAb’s sustainable future growth.

 

I will now turn it over to Ligand’s President, Matt Foehr.

 

Slide 9

 

Thank you, David, for the introduction.

 

As David said, I'm President of Ligand and will be the CEO of OmniAb, Inc. post-split. On this slide we're setting the stage for OmniAb spinoff from Ligand. Ligand has been around many years with a proven business model of developing and acquiring technologies that enable the discovery and development of medicines.

 

We have over 140 partners spread throughout the pharmaceutical industry with over 400 fully funded programs that are in various stages of development.

 

In November we announced the intention to split into two separate publicly traded companies. The SpinCo here, OmniAb, which will include various technologies related to antibody discovery and our Icagen Ion channel technology and business. And then the RemainCo, which will be the core existing royalties at Ligand, which are Captisol and Pelican Technologies.

 

On the right hand side of this slide, you see the portfolio of Ligand coming from our over 140 partners. Each dot on this graphic on the right hand side represents a fully funded program that a partner is taking through development.

 

And you can see in the lower quadrant in the orange of this slide, the OmniAb programs that have grown substantially over recent years and have also benefited from a matriculation as programs have gone out of discovery and progressed through clinical development.

 

We believe that an anchored tax free spinoff is important and creates an opportunity for two well-capitalized companies with operational focused, deep domain expertise and business specific capital allocation. And we think this presents a significant opportunity to unlock value for OmniAb.

 

 

 

  

Slide 10

 

On this slide, we summarize antibodies and the industry demand across the pharmaceutical industry. Over recent years, higher success rates for antibody medicines have driven the industry's need for discovery technologies, and that's driven by a variety of reasons.

 

Current approaches are often burdened with critical disadvantages, which are lack of antibody diversity, lengthy timelines, excess cost and a lack of flexibility of the technologies being used. The antibody market itself is growing over $235B in antibody sales are projected by 2025, up from over $180B in 2020. And importantly some of the best selling drugs are antibody based medicine.

 

The industry is tending to pursue antibodies at a higher rate, largely because of what is highlighted here in the lower left hand corner of the slide in the orange, which is that there are higher clinical success rates historically for antibodies or biologic based approaches over traditional small molecule approaches. And you can see the representation of this on the right hand side of the slide in the purple, which shows an acceleration of regulatory approvals in the U.S. and Europe for antibody or biologic based therapeutics.

 

Slide 11

 

On this slide, we present an overview of OmniAb’s history, which has been built by over 13 years of investment, not only through acquisitions but through internal technology, R&D investment as well.

 

For Ligand, it started in early 2016 with the acquisition of OMT or Open Monoclonal Technology. OMT brought us the industry's first and still only transgenic rat with a fully human immune system, what we now call OmniRat. OmniRat was a major innovation in the industry at that time, as there had been a history of transgenic mice. But presenting the first rat, brought a technology to the industry that had very clear freedom to operate. That attracted a variety of early partners and it continues to, driven now by the performance of the rat in providing robust antibody responses.

 

We expanded the technology at the end of 2017 with the acquisition of an Emeryville, California based company called Crystal Bioscience that brought us the OmniChicken, which is the world's first and still only transgenic chicken with a fully human immune system for therapeutic antibody discovery. And then in 2019 we acquired a South San Francisco based company called Ab Initio that brought us computationally powered antigen design technologies as well as some existing partnerships that are centered around the antigen designed step of antibody discovery. Designing an antigen is one of the first steps of downstream discovery.

 

In 2020 we did three acquisitions, all of which are now applicable to and part of the OmniAb business. We acquired Icagen which brought us a differentiated ion channel in transporter technologies and assays We acquired a longtime collaborator, xCella Biosciences, that brought us a micro capillary platform that we call xPloration, and we acquired Taurus that brought us cow inspired technologies as well.

 

 

 

 

 

It's not only been acquisitions that have allowed us to build what we believe is a best in class platform but also internal R&D investment in next generation animals centered around bispecific antibodies and a heavy chain only technology. We've expanded our state of the art laboratories in Emeryville as well as in North Carolina, and we've added AI powered single cell capabilities to our micro capillary platform.

 

At the centerpiece of our technology is what we call the biological intelligence of our transgenic animals, and I'll summarize in later slides.

 

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On this slide, we summarize the progression and performance of programs by stage of development that are leveraging the omni technology platform. In 2016 at acquisition there were approximately 20 discovery programs and only one program was in pre-clinical trials.

 

As of the end of last year, that had grown significantly with a number of programs matriculating through further stages of clinical development, including two approved and one that is now under registration consideration here in the U.S. and over 250 in discovery. So we've seen substantial progress in all phases increasing not only the number of discovery programs, but also the number in the clinic and the number that are positioned for potential future approval.

 

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On this slide, we present a left to right representation of the various elements of our OmniAb technologies and what they contribute to the various steps of discovery of a fully human antibody.

 

Our technology offering addresses, critical industry needs and its paired with our highly specialized and efficient laboratory operations. We leverage our proprietary and differentiated technologies rather than things that we see as somewhat commoditized industry services and that are widely available within CROs or built into many of our big pharma partners. It starts on the left with the creation of diverse antibody pools, and that's leveraging our various transgenic animals that can generate fully human antibodies It then moves on towards screening those antibody candidates through efficient screening technologies that we've developed or acquired, and then ultimately identifying the right antibody that can happen within our laboratories or within the laboratories of our partners.

 

We pride ourselves on the fact that we can feed into a variety of workflows either leveraging our own laboratories or efficiently feeding our technologies into downstream capabilities that exist within our partners.

 

 

 

  

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On this slide, we provide a little more detail on each of the three steps, starting with the creation of the diverse antibody pools, which leverages our computational antigen design in our various transgenic animals. Moving then to the screening technologies, which are our xPloration, high throughput single cell screening technology, as well as our proprietary GEM assay or gel encapsulated microenvironment, and then downstream the identification of the right antibodies, which is the further characterization selection and ultimate optimization of the antibodies, which, as I said, can either be work that is done in our laboratories or feeds into the laboratories of some of our partners.

 

This technology offering, we believe, addresses the most critical challenges of antibody discovery and is one of the reasons why partners come to us for their antibody discovery needs.

 

Slide 15

 

So on the next series of slides, I'm going to go through each of these in a little more detail, starting here with the antibody generation technologies. The computational antigen design technologies allow us to design reagents, which are really the first step in generating fully human antibodies.

 

An antigen essentially is an insult to the body, whether that be a virus or a cancer cell that causes the body to have an immune response. And in this instance, we leverage our transgenic animal host to then generate fully human antibodies. We are the industry's only four species platform and we're highly validated now with 23 clinical and two approved antibodies in a rich heritage of genetic engineering advancements.

 

We carefully design the trans genes that are in our animals for robust antibody responses and now also have bispecific and cow inspired technologies to enable next generation therapeutics.

 

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On this slide, we provide an overview of our screening technologies, starting with our xPloration microcapillary technology, which allows us to image millions of cells using diverse and flexible assays and rapidly recover thousands of antibody sequences that can then be focused and delivered to our partners.

 

We also have a gel encapsulated microenvironment assay that was developed in parallel with the invention of the OmniChicken and allows us to efficiently screen B cells for lead antibodies to present to our partners. We have multiple parameter screening technologies that allow us to screen tens of millions of cells in ours instead of weeks. And we leverage AI to then select and rank thousands of promising therapeutic candidates from immense amounts of phenotypic data.

 

 

 

  

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And lastly, here we summarize the identification of the right antibody. Our discovery teams are flexibly positioned to work closely with partners and identify the right antibody. And we can generate data from multi-parameter screening and performance assays. We leverage high throughput epitope binning and kinetic analysis, as well as a variety of target specific functional assays, as well as next generation sequencing for hit expansion to identify variant antibodies with improved characteristics. We also have a number of proprietary assays for ion channels and transporter target that I'll summarize in more detail on the next slide. Our extensive biological capabilities and ion channels and transporters came to us through our Icagen acquisition and can be leveraged throughout the antibody discovery technology process. As well as for molecules in a variety of modalities.

 

Slide 18

 

And summarized here are the extensive biological capabilities for ion channels and transporters that came to us through the Icagen acquisition. Our ion channel and transporter capabilities can be leveraged throughout the discovery process from the generation of proprietary cell lines to enable high speed antigen production to leveraging cutting edge assays to facilitate high throughput screens in both GEM and xPloration platforms, and then to leverage proprietary assays for discovery and characterization of ion channel antibodies. These differentiated capabilities for viable target to lead delivery for what are considered high value and difficult ion channel and transporter targets are also associated with a number of other partnerships for other modalities as well as potentially for antibodies.

 

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On this slide, we generally summarize the OmniAb business model. Our agreements are structured to align economic and scientific interests with our partners and generally are designed to include 3 main features: Technology access and collaboration service fees, milestone payments that are paid along the way as programs progress through development or commercialization, and royalties on commercial sales. We have nearly $1.5B and contracted milestones from active OmniAb programs today, with continued growth expected as partners use the platform and as we add new partners.

 

Slide 20

 

On this slide, we summarize the intellectual property surrounding the OmniAb business. Partners file patents on OmniAb derived antibodies and that creates durable royalty streams and a lengthy intellectual property tail. We have over 300 patents worldwide on our technologies but importantly, this slide summarizes on the right hand side the patent applications that are filed by our partners. As partners use the technology, discover the lead antibody that they plan to take into development, they'll generally file patent applications on that antibody sequence. That then creates an interesting site glass into partners use of the platform and also from a business perspective, creates the potential for a lengthy and diverse patent base on which royalties will be based for OmniAb based antibodies.

 

 

 

 

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Over 55 companies currently have access to OmniAb derived antibodies. You see here a summary of some of those companies who are major players in the antibody and pharmaceutical space and with whom we have productive relationships, leveraging our technology in a variety of workstreams, depending on their downstream capabilities.

 

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On this slide, we provide a summary of various partner case studies that illustrate the power of the OmniAb platform and the capabilities that our platform presents to partners and also that our team can provide to our partners in collaboration. Whether those partners are emerging biotechs, big pharma, established biotechs, or global pharmas. And summarized here in some level of detail are the various technical problems that our technology can solve for our partners.

 

Slide 23

 

On this slide, we provide a traditional pipeline representation of the OmniAb derived, clinical and approved partner programs that partners have either taken through development or are taking into development. And you can see on this slide the variety of partners on the left hand side, the variety of targets down the middle, and you'll notice, too, that some of the targets are the same target. Generally, when we enter into license agreements, partners can pursue an unlimited number of targets, and some of them are pursuing different targets with different antibodies that are OmniAb derived. Some are pursuing the same targets with different antibodies that are OmniAb derived as well, large number in the oncology area but we are starting to see some diversity there reflecting industry investment and you can see the source animal that was used for the various antibodies. Large number of these are OmniRat. That's largely because OmniRat was launched first. We recently had our first OmniChicken derived antibody enter the clinic with Boehringer Ingelheim, and see a steady flow of potential future clinical entries from a variety of our technologies.

 

Slide 24

 

This slide provides some competitive benchmarking in the industry. We see 3 clear leaders in the antibody discovery space. On the left hand side, you can see how OmniAb compares to the other parties based on number of active partners, number of active programs as well as programs spread out by stage. On the bottom part of this slide is a summary of the more detailed technology capabilities in the various technologies and organizations. We've generally focused our investment more on early stage, highly differentiated technologies so that we can efficiently feed into partner work streams for the later stage analysis and engineering capabilities. And that's allowed us to efficiently grow the number of active programs and active partners.

 

 

 

  

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And here we provide a summary of our scientific leadership team at OmniAb. Many of the individuals on this slide were founders of companies that we acquired. Some of them are apt to have been active users of the technology within partners in the past, and all of them play key roles in interfacing with our partners as they expand and deepen the use of our technology.

 

Slide 26

 

I'm now going to provide a brief review of some financial elements of our business as well.

 

Slide 27

 

I'll briefly summarize some key information related to the platform. We've expanded the use to over 55 active partners and we've seen significant growth in active number of programs over recent years. Royalty revenue is expected to grow as the first programs launch, and we typically see royalty rate in the low to mid single digits for our license agreements. We've made iterative improvements to our antibody discovery engine and technology stack over time, and that's generally allowed us to drive royalty rates and market share higher. We see long term value of the business being driven by downstream royalty payments as programs progressed through development and become approved and launched.

 

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On this slide, we summarize key performance indicators for the OmniAb business, illustrating what we believe is a highly scalable business model. We've seen strong and consistent growth in a variety of key performance indicators, including active partners that have grown by over 30% since 2014 and active programs that have grown by over 25% since 2016. We believe our business is highly scalable with a large number of programs performed entirely by partners.

 

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We believe that our unit economics for each license deal and program and our pipeline development will allow us to drive future value. The key value drivers include the per program economics and the overall NPV per program. When one takes into account peak sales, average royalty rates, probability of success, time to approval in time to peak sales. Downstream of that is our pipeline development. We expect there to be market growth as there's increasing demand for antibody based technologies to service the industry as well as portfolio expansion and the overall market opportunity within the antibody space from a technology perspective. As we continue to enhance our technologies in the antigen generation, in our screening, in our next generation ID and optimization technologies.

 

 

 

  

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On this slide, we provide illustrative revenue potential profiles for successful partner programs. Our participation is generally weighted towards downstream success, and we pride ourselves on flexible transaction structures that enable optionality for our partners while maintaining value for OmniAb. We generally target equivalent NPVs for all structures and have three main components that make up the license agreement as I described earlier. The research payments and upfront payments, clinical milestones that are paid along the way, and then commercial milestones and royalties. The per product revenue potential, if approved and marketed, could be between $250M to over $1B to OmniAb should a program ultimately become successful and launch into the market globally.

 

Slide 32

 

Thank you all for your time and your interest in the OmniAb business. We look forward to providing further updates as we continue to expand our technology and our business. Thanks again.