Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) has entered into a financing agreement with AvenCell Therapeutics, Inc. to advance the clinical development of next-generation cell therapies. The agreement, announced on September 24, 2026, involves Ligand committing up to $47 million to AvenCell.
Under the terms of the deal, Ligand will provide up to $41 million in exchange for a royalty interest. The royalty rate will be a mid single-digit to low double-digit percentage of worldwide annual net sales, determined based on the total amount ultimately funded. The capital is structured in four tranches, with the first payment due at closing and subsequent payments contingent upon the achievement of specific clinical milestones and other financing conditions.
In addition to the primary investment, Ligand has committed up to $6 million for a concomitant Series C financing round, details of which will be announced separately.
AvenCell is a clinical-stage company developing controllable, allogeneic CAR-T therapies. Its proprietary platform combines CRISPR-engineered technology with a switchable CAR approach. The company is advancing two lead programs: AVC-201, which is in a Phase 1b expansion trial for relapsed or refractory acute myeloid leukemia (AML), and AVC-203, a Phase 1a program targeting B-cell malignancies.
Ligand describes itself as a leading royalty aggregator, partnering with biopharmaceutical companies to finance development programs in exchange for long-term economic interests.
