Ligand Pharmaceuticals Incorporated

Ligand Pharmaceuticals Incorporated is a biopharmaceutical company primarily focused on acquiring and developing royalty-generating assets. The company operates as a capital provider and royalty aggregator, investing in clinical development and commercialization partnerships rather than traditional drug discovery. Its mission is to enable pharmaceutical innovation by developing, acquiring, and deploying platform technologies and expertise that help partners discover, optimize, and deliver life-changing medicines. Ligand Pharmaceuticals is headquartered in Jupiter, Florida.

Ligand's diversified portfolio includes royalty rights to approximately 90 pharmaceutical products across various therapeutic areas, including oncology, rare diseases, metabolic disorders, cardiovascular conditions, and inflammatory conditions. Key products generating royalties include the multiple myeloma treatments Kyprolis and Evomela, the kidney disease therapy Filspari, and the pneumococcal vaccine Vaxneuvance. The company also owns and licenses proprietary drug development technology platforms such as Captisol, which enhances drug solubility and stability, and NITRICIL™, along with Pelican Expression Technology for protein production.

Under the leadership of CEO Todd C. Davis, Ligand Pharmaceuticals recently announced a definitive agreement on April 27, 2026, to acquire XOMA Royalty Corporation for approximately $739 million in cash. This strategic acquisition is expected to expand Ligand's royalty portfolio to over 200 assets, adding seven new commercial products and more than 100 partnered programs. The transaction is anticipated to close in the third quarter of 2026 and is projected to be immediately accretive to Ligand's adjusted earnings per share, further solidifying its position as a leading biopharma royalty aggregator.