Ligand Pharmaceuticals (NASDAQ:LGND) announced on Monday, April 27, 2026, that it has entered into a definitive agreement to acquire XOMA Royalty for $39 per share in cash.
The transaction represents an equity value of approximately $739 million.
In addition to the cash consideration, XOMA shareholders will receive one non-transferable Contingent Value Right (CVR) per share, which entitles them to potential future payments linked to the resolution of certain ongoing litigation.
The acquisition is a strategic move to significantly scale Ligand’s business model, expanding its royalty portfolio to more than 200 assets.
The deal adds seven currently marketed products to Ligand’s roster, further diversifying its revenue streams across various therapeutic areas.
The transaction has been approved by the boards of directors of both companies and is expected to close in the third quarter of 2026, subject to customary closing conditions and regulatory approvals.