Ligand Pharmaceuticals agreed on 27 April to acquire XOMA Royalty for $39.00 per share in cash, a total equity value of about $739m.
Why Ligand Pharmaceuticals Incorporated is buying XOMA Royalty Corporation
Ligand said the deal adds seven marketed products, including royalties on Roche's Vabysmo, Day One's Ojemda and Zevra's Miplyffa, and 14 late-stage programmes, nearly doubling its Phase 2 and 3 assets. It expected the transaction to be immediately accretive and to add $1.50 a share to adjusted EPS in 2027.
Deal terms and financing
XOMA holders receive $39.00 per share in cash, about 14% above the 30-day volume-weighted average price as of 24 April, plus one non-transferable CVR entitling them to a portion of 75% of net proceeds from pending litigation. XOMA's preferred stock was to be redeemed. Entities affiliated with BVF Partners, holding about 21% of XOMA's common stock, signed voting agreements.
Regulatory approvals and timing
The deal required XOMA stockholder approval. Ligand announced on 14 July 2026 that it had completed the acquisition.
Market context
Both companies acquire economic rights to drugs developed by others; Ligand describes its royalty portfolio as one of the largest and most diversified in the industry.
