Ligand leads $75M royalty financing in Castle Creek

Ligand (LGND) Pharmaceuticals has closed a royalty financing agreement with Castle Creek Biosciences to support the Phase 3 clinical study of D-Fi, Castle Creek’s lead candidate, in patients with dystrophic epidermolysis bullosa. Ligand originated, structured, and invested $50 million and led a syndicate of co-investors who invested $25 million in exchange for a high-single digit royalty on worldwide sales of D-Fi. The syndicate includes existing Castle Creek investors Paragon Biosciences and Valor Equity Partners and new investor XOMA (XOMA) Royalty Corporation.