Ligand Pharmaceuticals (Nasdaq: LGND) announced on April 27, 2026, a definitive agreement to acquire XOMA Royalty Corporation (Nasdaq:
XOMA) for $39.00 per share in cash, totaling approximately $739 million equity value.12
The transaction expands Ligand's royalty portfolio to over 200 assets, adding seven new commercial products and over 120 commercial, clinical, and preclinical assets.12
Expected to be immediately accretive to Ligand's adjusted EPS; 2026 guidance increased to $8.50-$9.50, with $1.50 per share accretion in 2027.2
XOMA shareholders receive a 14% premium to the 30-day VWAP as of April 24, 2026, plus one non-transferable CVR per share for 75% of net proceeds from certain pending litigation.23
Unanimously approved by both boards; supported by BVF Partners (21% ownership, 44% assuming conversion) and XOMA directors/officers; expected to close in Q3 2026 subject to approvals.123
Sources:
1. https://investor.ligand.com/news-and-events/press-releases/news-details/2026/Ligand-to-Acquire-XOMA-Royalty-Further-Accelerating-Profit-Growth-and-Strengthening-Ligands-Position-as-a-Leading-Biopharma-Royalty-Aggregator/default.aspx
2. https://www.globenewswire.com/news-release/2026/04/27/3281484/7281/en/ligand-to-acquire-xoma-royalty-further-accelerating-profit-growth-and-strengthening-ligand-s-position-as-a-leading-biopharma-royalty-aggregator.html
3. https://www.kavout.com/market-lens/what-does-the-ligand-xoma-deal-mean-for-the-royalty-aggregator-landscape