Ligand acquires XOMA Royalty
Analysis based on 6 articles · First reported Jul 14, 2026 · Last updated Jul 14, 2026
The acquisition strengthens Ligand's royalty portfolio and is expected to be immediately accretive to earnings, boosting investor confidence. XOMA Royalty shareholders received a 14% premium over the 30-day VWAP, while Ligand's raised guidance signals positive market sentiment.
Ligand Pharmaceuticals completed its acquisition of XOMA Corporation on July 14, 2026, for $39.00 per share in cash, totaling approximately $739 million equity value. XOMA Royalty stockholders also received one non-transferable Contingent Value Right per share for 75% of net proceeds from pending litigation against Johnson & Johnson — Janssen Pharmaceuticals. The acquisition adds seven commercial products and 14 late-stage programs to Ligand's portfolio, more than doubling its royalty assets to over 200. The deal was announced on April 27, 2026, and received unanimous board approval. XOMA Royalty's common stock ceased trading on Nasdaq. Ligand raised its 2026 revenue guidance to $270-$310 million and adjusted EPS to $8.50-$9.50, expecting the acquisition to be accretive by $0.50 per share in 2026 and $1.50 in 2027.
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