Channel Therapeutics and Pelthos Therapeutics to Merge to Accelerate Launch of Zelsuvmi for Molluscum Contagiosum

Molluscum contagiosum | Image Credit: © DermNet

Ligand Pharmaceuticals announced today a merger between its subsidiaries, Pelthos Therapeutics and LNHC, Inc., and Channel Therapeutics Corporation.¹

The deal includes a $50 million equity investment from Ligand and a consortium of strategic backers led by Murchinson. This is expected to accelerate the commercial rollout of Zelsuvmi (berdazimer) topical gel, 10.3%, an FDA-approved treatment for molluscum contagiosum,² while supporting the continued development of Channel’s sodium channel NaV1.7-focused pain therapeutics.

Approved by the FDA in 2024, Zelsuvmi is the only prescription product authorized for at-home use in both pediatric and adult populations aged 1 and up.²

What distinguishes Zelsuvmi from other dermatologic treatments is its at-home, non-invasive application, which eliminates the need for in-office cryotherapy, curettage, or cantharidin treatments.

The gel is formulated with Pelthos’ proprietary Nitricil platform, which utilizes nitric oxide’s broad-spectrum antiviral and antimicrobial properties while ensuring controlled, sustained topical delivery.

Scott Plesha, CEO of Pelthos Therapeutics, will assume the role of CEO of the combined company, while Channel’s CEO, Frank Knuettel II, will become Chief Financial Officer. The Board of Directors will include key voices from both companies as well as representatives from Ligand and independent members aligned with Murchinson.

"There is a significant unmet medical need for an easy-to-use, safe, and efficacious treatment option for molluscum that can be applied by patients, parents, or caregivers at home via prescription," Plesha said in a news release.¹ "We believe Zelsuvmi will complement pediatric and adult dermatologists’, general pediatricians’, and all other health care providers’ current efforts to treat molluscum while reducing the need for repeated invasive in-office procedures and the associated wait times needed to treat this highly infectious disease. Having commercialized both dermatology and pain management products, I am excited to lead the combined company into this next growth phase."

Ligand Pharmaceuticals has played a pivotal role in incubating and advancing Zelsuvmi’s development. After acquiring the Nitricil technology platform from Novan, Inc. in 2023, Ligand pioneered the berdazimer program through to FDA approval.

Under the definitive merger agreement, Channel will acquire all issued and outstanding shares of Pelthos. Ligand will invest $18 million, and the Murchinson-led Investor Group will contribute an additional $32 million, bringing the total investment to $50 million.

The deal is expected to close in the summer of 2025, pending customary regulatory and shareholder approvals.

References

1. Ligand subsidiary Pelthos Therapeutics to combine with Channel Therapeutics. News release. BioSpace. April 17, 2025. Accessed April 17, 2025. https://www.biospace.com/press-releases/ligand-subsidiary-pelthos-therapeutics-to-combine-with-channel-therapeutics
2. US Food and Drug Administration approves ZELSUVMI as a first-in-class medication for the treatment of molluscum contagiosum. Ligand Pharmaceuticals. Press release. January 5, 2024. Accessed April 17, 2025. https://investor.ligand.com/news-and-events/press-releases/news-details/2024/U.S.-Food-and-Drug-Administration-Approves-ZELSUVMI-as-a-First-in-Class-Medication-for-the-Treatment-of-Molluscum-Contagiosum/default.aspx