Pelthos Therapeutics and Channel Therapeutics to Merge

Key Takeaways

• Pelthos and Channel merge to form a publicly traded company focused on launching ZELSUVMI™, backed by $50M in new funding.

• ZELSUVMI™ is the first FDA-approved at-home treatment for Molluscum contagiosum.

Ligand Pharmaceuticals has announced a definitive merger agreement that will combine its wholly owned subsidiary Pelthos Therapeutics with Channel Therapeutics Corporation, forming a publicly traded company under the name Pelthos Therapeutics Inc. The deal is supported by $50 million in new equity funding and is expected to close in summer 2025, according to a press release.

The new entity will focus on commercializing berdazimer (marketed as ZELSUVMI), approved by the FDA in 2024 for the treatment of molluscum contagiosum in adults and children aged one year and older. The approval was notable as the first prescription therapy for molluscum that can be applied at home by patients, caregivers, or parents, addressing a significant unmet need in dermatology.

The merger positions the company to bring an FDA-approved, at-home dermatologic treatment to market while advancing non-opioid pain therapies through clinical development, according to the Ligand press release. 

Source: Ligand Pharmaceuticals press release, April 17, 2025.