XOMA Royalty to be acquired by Ligand Pharmaceuticals for $39/share cash plus CVRs in $1.4B deal

Filed April 27, 2026 · Period ending April 27, 2026 · ~1 min read

Key Changes

• high

  Shareholders will receive $39.00 per share in cash plus contingent value rights representing 75% interest in certain retained assets held in a trust, providing upside exposure to future performance of those assets.

  Item 1.01: Merger Agreement verify on EDGAR →
• high

  Ligand secured voting support from stockholders holding ~47% of shares, including officers, directors, and BVF Partners affiliates, significantly increasing likelihood of obtaining required majority approval.

  Item 1.01: Support Agreements verify on EDGAR →
• high

  Before closing, XOMA will reorganize and spin 75% of certain business assets into CVR Trust; stockholders receive pro-rata CVRs for potential future payments based on retained asset performance.

  Item 1.01: CVR Spin Structure verify on EDGAR →