Ligand to acquire XOMA for $739M, terminates Viking license amid royalty surge

Filed May 8, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 9, 2025 · ~1 min read

Key Changes

• high

  Announced $739M acquisition of XOMA for $39/share cash, adding 120+ royalty assets including Roche's Vabysmo. Deal funded by cash and credit facility, closing expected Q3 2026.

  MD&A: XOMA acquisition verify on EDGAR →
• high

  Terminated Viking Therapeutics' TR-Beta license (VK2809/VK0214) for alleged breach of development obligations. Viking disputes termination; litigation risk could delay asset monetization.

  MD&A: Viking dispute verify on EDGAR →
• high

  Royalty revenue jumped 56% to $43M driven by Filspari's FSGS approval (first FDA-approved FSGS therapy, 30K+ addressable patients) and strong Ohtuvayre, Capvaxive, Kyprolis sales.

  MD&A: Royalty revenue verify on EDGAR →