Ligand closes $739 million acquisition of XOMA Royalty

Ligand Pharmaceuticals announced on July 14, 2026 that it had completed its acquisition of XOMA Royalty Corporation, a biotechnology royalty aggregator, for $39.00 per share of common stock in cash, for a total equity value of approximately $739 million.¹ As part of the consideration, XOMA Royalty stockholders also received one non-transferable Contingent Value Right per share entitling the holder to receive a portion of 75% of the net proceeds that may result from certain pending litigation at XOMA Royalty.¹

The acquisition brings in seven commercial products, including Roche's VABYSMO (faricimab-svoa), Servier's OJEMDA (tovorafenib), and Zevra Therapeutics' MIPLYFFA (arimoclomol).¹ It also adds 14 late-stage development programs, featuring Takeda's mezagitamab and certain assets from Takeda's externalized asset portfolio, such as osavampator, volixibat, and OHB-607, along with more than 100 assets in various stages of development.¹ As a result, Ligand's portfolio has more than doubled in size, now comprising over 200 commercial, clinical, and preclinical stage royalty assets.¹

Ligand said the closing met its original timeline expectations, and the transaction is expected to be immediately accretive, adding approximately $0.50 and $1.50 per share to Ligand's projected 2026 and 2027 adjusted earnings per share, respectively.¹ The company plans to provide an updated 5-year outlook during its Investor Day on December 8, 2026.¹

Separately, in connection with the closing, Ligand entered into an Amended and Restated Credit Agreement dated July 14, 2026, with Citibank, N.A. as Administrative Agent, providing for a $125.0 million revolving credit facility maturing September 12, 2028.¹ Following the merger, XOMA Royalty common stock ceased trading on The Nasdaq Global Market.¹