XOMA Royalty Corporation

XOMA Royalty Corporation operates as a biotechnology royalty aggregator, headquartered in Emeryville, California. The company's core business involves acquiring the economic rights to future milestone and royalty payments associated with therapeutic candidates developed and commercialized by its pharmaceutical and biotechnology partners. This model provides non-dilutive and non-recourse funding to drug innovators, enabling them to advance their research and development without traditional equity dilution or debt.

The company focuses on building a diversified portfolio of intellectual property, primarily through milestone and royalty payment streams. Its portfolio includes over 120 assets across more than 11 therapeutic categories, spanning early to mid-stage clinical assets (Phase 1 and 2) with commercial sales potential, as well as late-stage clinical and commercial assets. Key commercial assets include OJEMDA (tovorafenib), IXINITY, XACIATO, VABYSMO (faricimab svoa), DSUVIA (sufentanil sublingual tablet), and MIPLYFFA (arimoclomol). XOMA Royalty Corporation operates in various regions, including the United States, Switzerland, the Asia Pacific, and Australia.

Under the leadership of CEO Owen Hughes, XOMA Royalty Corporation recently announced that it is being acquired by Ligand Pharmaceuticals Inc. for approximately $739 million. This acquisition, announced on April 27, 2026, is expected to further accelerate profit growth and strengthen Ligand's position as a leading biopharma royalty aggregator. The company maintains a capital-efficient structure, with research and development costs borne by its partners, allowing it to deploy capital effectively for new asset acquisitions.