EL7.AI
Mergers & AcquisitionsMedium•14 July 2026•
1 min read

Ligand Pharmaceuticals Completes $739M Acquisition of XOMA Royalty

Key Facts

1Ligand Pharmaceuticals completed the acquisition of XOMA Royalty for $39.00 per share in cash.
2The total equity value of the transaction is approximately $739 million.
3The acquisition adds more than 100 development and commercial-stage assets to Ligand's portfolio.

In a move that strengthens its position as a leading aggregator of biotechnology royalties, Ligand Pharmaceuticals has finalized its acquisition of XOMA Royalty Corporation. The transaction was completed in cash at $39.00 per share, representing a total equity value of approximately $739 million. This acquisition integrates more than 100 development and commercial-stage assets into Ligand's portfolio, bringing its total biopharmaceutical royalty assets to over 200.

This merger occurs amid a broader healthcare trend toward consolidating income-generating assets, as firms like Royalty Pharma (RPRX) compete for stable cash flows from approved therapies. Per market data, the inclusion of XOMA's assets provides Ligand with immediate access to seven new commercial products, aligning with the company's strategy to drive long-term growth by diversifying revenue streams away from direct R&D risks.

Looking ahead at the economic calendar, the release of the FOMC Minutes on July 8, 2026, remains a key catalyst that could influence financing costs for future M&A activity within the biotech sector.