Richard Baxter on special situations
From Ligand Pharmaceuticals Investor Day 2025 · · Investing 101
“Pelos was the epitome of a very good asset trapped in a very bad situation; we bought it out of bankruptcy, reviewed the Phase 3 data with FDA people and specialists, and unlocked its value by assembling the right management and financing structure.”
On , Richard Baxter, Senior Vice President of Investment Operation at LIGAND PHARMACEUTICAL INC, spoke about special situations during Ligand Pharmaceuticals Investor Day 2025 on Investing 101.
About Richard Baxter
At Ligand Pharmaceuticals’ 2025 Investor Day, Richard Baxter, Senior Vice President of Investment Operations, discussed the company’s acquisition and restructuring of Pelos. He described Pelos as “the epitome of a very good asset trapped in a very bad situation,” noting that Ligand bought it out of bankruptcy, reviewed Phase 3 data with FDA personnel and specialists, and “unlocked its value by assembling the right management and financing structure.” Baxter stated that Ligand took the company “from insolvency to a standalone NYSE American–listed company with an approximately $300 million market cap,” structured a 13% royalty on Zelumi and 2.5% on Zeppy, and now owns roughly 50% of Pelos. Baxter also addressed international opportunities for Zelumi, noting that Ligand holds worldwide rights and already has a partner in Japan that is wrapping up a Phase 3 trial. He said the company is having active discussions with other countries but emphasized the need to ensure any international agreements do not compromise the U.S. market, which he described as the primary driver for the product.