On April 27, 2026, Ligand Pharmaceuticals agreed to acquire fellow royalty aggregator XOMA Royalty Corporation for $39.00 per share in cash, valuing the target at about $739 million and offering a roughly 14% premium to XOMA’s 30‑day volume‑weighted average price. XOMA shareholders will also receive one non‑transferable contingent value right per share tied to 75% of net proceeds from ongoing litigation with Janssen Biotech over TREMFYA.
The deal, unanimously approved by both boards and backed by voting agreements from BVF Partners and XOMA’s leadership, is expected to close in the third quarter of 2026.
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