Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 392

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 392
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 addition, the agreement also allows Ligand to require LNHC to provide manufacturing technology transfer services, if requested, for products other than ZELSUVMI for the treatment of molluscum contagiosum in humans, to a potential third-party manufacturer.

On April 17, 2025, Ligand and Channel announced the signing of a definitive merger agreement to combine LNHC (Ligand’s wholly owned subsidiary) with CHRO Merger Sub Inc., a wholly owned subsidiary of Channel. The merger will be supported by $50 million in capital raised from a group of strategic investors. Upon completion of the transaction, the combined company will operate under the name Pelthos Therapeutics Inc. Channel intends to file an initial listing application for the combined company with the NYSE American exchange. It is expected that the common stock of the combined company will trade on the NYSE American exchange under the ticker symbol PTHS.

The combined company will initially focus on commercializing ZELSUVMI (berdazimer) topical gel, 10.3%, for the treatment of molluscum contagiosum infections (“molluscum”) in adults and pediatric patients one year of age and older. ZELSUVMI was approved by the U.S. Food and Drug Administration (FDA) in 2024 and is the first

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and only prescription therapy for molluscum infections approved for use at home by patients, parents, and caregivers. The combined company will also retain Channel’s existing NaV 1.7 development programs for the treatment of various types of chronic pain, acute and chronic eye pain, and post-surgical nerve blocks. Under the terms of the merger agreement, Channel will acquire 100% of the issued and outstanding equity interests of LNHC, and will change its name to Pelthos Therapeutics Inc. In connection with the transaction, Ligand has agreed to invest $18 million in the combined company and a group of strategic investors led by Murchinson has agreed to invest $32 million for a total of $50 million. Overview On September 27, 2023, Ligand Pharmaceuticals Incorporated (“Ligand”) acquired certain assets of Novan, Inc. (“Novan”). This transaction (“Novan Acquisition”) was accounted for as a business combination. Novan was a medical dermatology company focused on developing and commercializing innovative therapeutic products for skin diseases. Through its NITRICIL technology platform, Novan had concentrated on developing SB206