XOMA agrees to $739M Ligand buyout at $39/share; Q1 income rises to $4.5M on royalty growth

Filed May 12, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 13, 2025 · ~2 min read

Key Changes

• high

  Ligand to acquire XOMA for $39/share cash plus CVRs tied to Janssen litigation, valuing equity at $739M; deal has board approval and 47% insider support, expected to close Q3 2026 subject to stockholder vote.

  MD&A: Ligand Merger verify on EDGAR →
• high

  Controls section entirely absent from current filing; baseline reported effective disclosure controls and no material changes in internal controls, leaving investors without current-period evaluation.

  Controls & Procedures verify on EDGAR →
• high

  Q1 2026 net income $4.5M vs $2.4M prior year, driven by VABYSMO royalties ($6.7M), new MIPLYFFA income ($2.3M), $3M Repare structuring fee, and $3.5M Generation Bio bargain-purchase gain.

  MD&A: Financial Results verify on EDGAR →