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Ligand Pharmaceuticals

Venture debt

Jupiter · Late Stage · 15 people tracked

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Investment thesis

Ligand operates as a royalty aggregator, partnering with biopharmaceutical companies to provide strategic capital that finances and advances late-stage clinical development programs. It manages one of the largest and most diverse portfolios of biopharmaceutical royalties in the industry, spanning more than 200 commercial, clinical, and preclinical-stage programs across multiple therapeutic areas, development stages, modalities, and partners. This diversified approach creates exposure to innovative medicines while generating royalty streams from marketed products.

Invests inBiotechGlobalJupiter

Source: firm website, verified Aug 2, 2026.

Stage
Late Stage
Check
$10M – $50M
HQ
Jupiter, US
Instruments
Debt

Team · 15 people

from the firm's website
Todd Davis· Chief Executive Officer

CEO of Ligand and board member since 2007, with over 30 years of operational and investment experience across more than $4 billion in healthcare financings. He co-founded HealthCare Royalty Partners and previously led biopharmaceutical growth equity investments at Apax Partners.

Karen Reeves· Senior Vice President, Investments and Head of Clinical Strategy

SVP of Investments and Head of Clinical Strategy with over 20 years in senior pharma roles including Pfizer. She was President and CMO of AZTherapies and held global R&D and medical leadership roles at Pfizer and Astellas.

Paul J. Hadden· Senior Vice President, Investments and Business Development

SVP of Investments and Business Development, focused on deal sourcing and structuring. He spent more than 15 years at HealthCare Royalty Partners covering US and European business development.

Richard Baxter· Senior Vice President, Investment Operations

SVP of Investment Operations and Investment Committee member, with decades of healthcare commercialization and investment experience. He co-founded the healthcare group of Fortress's Drawbridge fund and co-led the healthcare team at Hayfin Capital Management.

Lauren Hay· Vice President, Portfolio Strategy and Investments

VP of Portfolio Strategy and Investments with nearly two decades in life sciences investment and strategy. She founded Hay Advisory Corporation and previously led investment analysis at DRI Capital, a pharmaceutical royalty monetization firm.

Lee Brown· Vice President, Investments and Business Development

VP of Investments and Business Development, previously Global Team Leader for Healthcare at Third Bridge Group. He founded and served as CIO of Reef Knot Capital and held portfolio roles at Visium, Highland Capital, and Merrill Lynch.

Michael Vigilante· Vice President, Investments and Business Development

VP of Investments and Business Development with over a decade in life sciences investing and advisory. He was previously a Senior Principal at Gurnet Point Capital and worked in investment banking at MTS Health Partners.

Peter Renehan· Vice President, Investments and Business Development

VP of Investments and Business Development who spent six years at Blackstone Life Sciences, most recently as Principal leading investments from $100M to over $1B. He previously worked in biopharma M&A at Lazard and in corporate strategy at Moderna and Flagship Pioneering.

Ruben Flores-Saaib· Senior Director, Investments and Business Development

Senior Director of Investments and Business Development with extensive experience in commercialization and partnering across therapeutics, diagnostics, and life sciences tools. He previously led technology transfer at LA BioMed, USC, and the UC system, and worked at General Inception.

Andrew Reardon· Chief Legal Officer

Ligand's Chief Legal Officer since 2022, previously a VP and Special Counsel at the company. He spent over a decade as CLO of HealthCare Royalty Partners and earlier practiced corporate law at Willkie Farr & Gallagher.

James Pipkin· Vice President, New Product Development

VP of New Product Development focused on applications and IP for the Captisol cyclodextrin drug-delivery technology, joining Ligand via the 2011 CyDex acquisition. He previously directed CMC services at Oread Laboratories and was a research fellow at Merck.

Keith Marschke· Senior Vice President, Biology and Scientific Affairs

SVP of Biology and Scientific Affairs who joined Ligand in 1994 and led several key discovery and development programs. He now leads clinical and scientific due diligence on the company's royalty and project-finance investments.

Marjorie Fackovec· Head of People Operations

Head of People Operations at Ligand since June 2024, leading the company's people strategy. She previously held senior HR leadership roles at BioLineRx, Clarion Healthcare, Oncopeptides, and EMD.

Tavo Espinoza· Chief Financial Officer

Ligand's CFO, having risen from Senior Director of Accounting and SVP of Finance. He previously held finance and accounting leadership roles at Receptos, Illumina, Intuit, and PricewaterhouseCoopers, and is a California CPA.

Vince Antle· Senior Vice President, Technical Operations and Quality Assurance

SVP of Technical Operations and Quality Assurance overseeing the Captisol technology business, having joined via Ligand's 2011 acquisition of CyDex Pharmaceuticals. He has extensive experience in pharmaceutical manufacturing and Captisol-related patents.

Frequently asked questions

What stage does Ligand Pharmaceuticals invest at?
Ligand Pharmaceuticals invests at the Late Stage stage.
What is Ligand Pharmaceuticals's typical check size?
Ligand Pharmaceuticals typically writes checks of $10M – $50M.
What sectors does Ligand Pharmaceuticals focus on?
Ligand Pharmaceuticals focuses on Biotech.
Where is Ligand Pharmaceuticals located?
Ligand Pharmaceuticals is headquartered in Jupiter, US.

Media · Podcasts & interviews

featuring the team

Ligand Pharmaceuticals CEO Todd Davis Explores Catalysts to Drive Biotech Performance - YouTube

Unboxing Biotech · Todd Davis

Images

Ligand Pharmaceuticals photoLigand Pharmaceuticals photo

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