OmniAb Completes Independence: New Nasdaq-Listed Antibody Discovery Pioneer Launches with $95M in Cash

OmniAb has officially become an independent publicly traded company following the successful completion of its tax-free spin-off from Ligand Pharmaceuticals and merger with Avista Public Acquisition Corp. II. The biopharmaceutical firm will commence regular-way trading on Nasdaq under ticker symbol “OABI” beginning November 2, 2022, marking a significant milestone for the antibody discovery sector.

The newly independent entity is positioned to enter the public markets with approximately $95 million in cash, providing substantial capital to advance its proprietary antibody discovery platform. This funding reflects the confidence in OmniAb’s innovative approach to therapeutic development, following careful evaluation of transaction costs and shareholder redemptions.

Leadership Team Assembled for Public Company Phase

Matt Foehr, OmniAb’s Chief Executive Officer, emphasized the company’s strategic positioning: “The OmniAb discovery platform represents years of scientific breakthroughs combined by a world-class research team. As an independent company, we’re committed to advancing drug discovery technologies and empowering our partners to develop next-generation therapeutics more efficiently.”

The management structure reflects deep pharmaceutical expertise. Kurt Gustafson joined as Chief Financial Officer in March 2022, bringing extensive experience from his tenure as CFO at Spectrum Pharmaceuticals and earlier roles at Halozyme Therapeutics. Prior to these positions, Gustafson spent over 18 years at Amgen in various financial leadership roles, including Treasurer and CFO of Amgen International. His background spans finance, IT, facilities and human resources across major biotechnology firms.

Charles Berkman was appointed Chief Legal Officer, also in March 2022. Berkman previously held the position of Senior Vice President and General Counsel at Ligand Pharmaceuticals, and brings deep expertise from his earlier work at international law firms specializing in intellectual property matters.

Experienced Board Guides Strategic Direction

OmniAb’s board comprises seven directors selected for their industry expertise and innovation track records. The board includes Jennifer Cochran, Ph.D., Sarah Boyce, Sunil Patel, and John Higgins (OmniAb’s Chairman, who retains his role as Ligand CEO), along with newly appointed members Carolyn Bertozzi, Ph.D., Joshua Tamaroff, and Matt Foehr.

Dr. Carolyn Bertozzi represents a particularly notable addition to the OmniAb board. As the Anne T. and Robert M. Bass Professor of Chemistry at Stanford University since 2015, she brings extraordinary credentials in translating cutting-edge science into practical applications. Dr. Bertozzi’s recognition includes the 2022 Nobel Prize in Chemistry and the 2022 Wolf Prize in Chemistry—distinctions earned for her groundbreaking work in bioorthogonal chemistry. She simultaneously serves as an Investigator at the Howard Hughes Medical Institute, a role she has maintained since 2000.

Joshua Tamaroff, serving as Partner at Avista Capital Partners since 2009, brings extensive experience in venture capital and pharmaceutical sector development. His portfolio includes directorships across multiple healthcare companies, reflecting Avista’s ongoing partnership with OmniAb.

The OmniAb Platform: Diversity Across Transgenic Systems

OmniAb’s competitive advantage stems from its Biological Intelligence™-powered discovery platform, which grants pharmaceutical partners access to diverse antibody repertoires and high-throughput screening capabilities. The technology portfolio includes proprietary transgenic animal systems genetically engineered to produce human-sequence antibodies, reducing development timelines and improving therapeutic candidates.

The company’s transgenic animal lineup—OmniRat, OmniChicken, and OmniMouse—each offers distinct immunological characteristics tailored to different therapeutic targets. Specialized variants like OmniFlic and OmniClic address bispecific antibody requirements through common light chain architecture, while OmniTaur leverages unique bovine antibody structural properties for complex target applications.

OmniAb’s technical differentiation extends to computational antigen design, advanced immunization protocols, single B cell phenotypic screening, and proprietary algorithms applied to next-generation sequencing datasets. This integrated approach identifies fully human antibodies with superior performance and manufacturability profiles. The company has built additional competitive advantages through specialized expertise in ion channels and transporter modulation, creating opportunities across emerging therapeutic areas.

The OmniAb technology suite spans from repertoire generation through discovery and optimization, delivering customizable end-to-end solutions for the global pharmaceutical development pipeline.

Forward-Looking Considerations

OmniAb’s public company transition involves typical risks associated with standalone operations, including partnership continuity, capital availability, and commercialization execution. The company’s recent revenues have concentrated among a limited partner base, which presents both revenue concentration and operational scalability considerations. Additional capital requirements may emerge as the company scales discovery operations and expands its therapeutic development portfolio.

The anticipated tax treatment of the transaction and the company’s ability to attract and retain specialized talent in the competitive antibody discovery sector represent additional factors influencing near-term performance metrics.