Ligand Completes $39-per-Share Acquisition of XOMA Royalty — XOMA Royalty Corporation

Event summary

Ligand Pharmaceuticals completed its acquisition of XOMA Royalty on July 14, 2026.
XOMA Royalty shareholders received $39.00 in cash per share plus a Contingent Value Right (CVR).
The CVR entitles holders to 75% of net proceeds from certain pending litigation at XOMA Royalty.
XOMA Royalty’s stock ceased trading on the Nasdaq following the deal.

The big picture

The acquisition reflects a broader trend of consolidation in the biotech royalty space, where larger players are acquiring specialized aggregators to bolster their portfolios. XOMA Royalty’s extensive asset base adds immediate scale to Ligand’s operations, potentially enhancing its ability to fund early-stage drug candidates.

What we're watching

Litigation Impact: How the pending litigation will affect payouts under the CVR.
Portfolio Integration: The pace at which Ligand integrates XOMA Royalty’s royalty portfolio into its operations.
Market Positioning: Whether this deal strengthens Ligand’s competitive edge in biotech royalties.