Ligand completes $739M acquisition of XOMA Royalty, doubling portfolio to 200+ assets

Filed July 14, 2026 · Period ending July 14, 2026 · ~2 min read

Key Changes

• high

  Ligand closed acquisition of XOMA Royalty for $39/share cash ($739M equity value) plus CVRs tied to 75% of net proceeds from certain pending litigation; deal adds 7 commercial products and 100+ development assets, more than doubling portfolio size.

  Item 2.01 verify on EDGAR →
• high

  Transaction expected to add ~$0.50 to 2026 adjusted EPS and ~$1.50 to 2027 adjusted EPS; portfolio now includes VABYSMO, OJEMDA, MIPLYFFA, and 14 late-stage programs including Takeda's mezagitamab.

  Exhibit 99.1 view on EDGAR →
• high

  Ligand refinanced credit facility with new $125M revolver maturing September 2028; pricing ranges from SOFR+1.75%-2.50% based on leverage ratio, with covenants requiring senior secured leverage ≤2.50x and minimum EBITDA of $100M (rising to $150M from Q2 2027).

  Item 1.01 verify on EDGAR →