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Mergers & AcquisitionsMediumUpdated×6•Originally published 27 April 2026•Updated 28 April 2026•

1 min read

Eli Lilly to Acquire Ajax Therapeutics for $2.3 Billion to Bolster Blood-Cancer Portfolio

Key Facts

1Ligand Pharmaceuticals has agreed to buy Xoma in a deal valued at approximately $740 million.

2Both Ligand and Xoma operate as royalty aggregators that invest in drugs during development.

Eli Lilly has agreed to acquire Ajax Therapeutics in an all-cash deal valued at up to $2.3 billion, with the acquisition price set at $39 per share. The transaction grants Eli Lilly access to a novel JAK2 inhibitor specifically designated for the treatment of myeloproliferative neoplasms (MPN), significantly bolstering its blood-cancer portfolio. In a related development, Ligand Pharmaceuticals confirmed its acquisition of XOMA Royalty for approximately $739 million to expand its royalty assets. Analysts view the focus on specialized JAK2 inhibitors as a strategic effort to diversify clinical risks and secure high-value revenue streams. This ongoing momentum in M&A underscores the pharmaceutical industry's focus on advanced treatments for complex diseases. Both transactions highlight the premium placed on specialized medical assets in the current biotech market.

about 1 month ago

Version History

Version 6about 1 month ago

What changed: Added specific details regarding the JAK2 inhibitor and MPN treatments as the primary driver for the acquisition.

Version 5about 1 month ago

What changed: The story was updated to specify Ligand's strategic rationale for the XOMA acquisition, focusing on its goal to become a leading royalty aggregator and drive profit acceleration.

Version 4about 1 month ago

What changed: Added the stock tickers (LGND and XOMA) for the companies involved in the secondary acquisition.

Version 3about 1 month ago

What changed: Updated to confirm the details of Ligand Pharmaceuticals' acquisition of XOMA Royalty as an all-cash deal valued at $739 million, announced on Monday.

Version 2about 1 month ago

What changed: The story was updated to include Eli Lilly's $2.3 billion acquisition of Ajax Therapeutics, marking a larger industry transaction in the oncology space compared to the previous Ligand deal.

Version 1about 1 month ago

What changed: The story was updated to include the upward revision of 2026 EPS guidance, the expected accretion value per share by 2027, and the expansion of the royalty portfolio to over 200 assets.