Ligand to Acquire XOMA for $739 Million, Doubling Its Development Pipeline

Ligand Pharmaceuticals will acquire biotech royalty aggregator XOMA Royalty for approximately $739 million in cash.

Ligand will pay $39.00 per share for all outstanding XOMA stock. XOMA shareholders will also receive a Contingent Value Right for 75% of net proceeds from pending litigation against Johnson & Johnson’s subsidiary, Janssen.

The acquisition adds more than 120 assets to Ligand’s portfolio. The deal nearly doubles the number of Ligand’s programs in Phase 2 and 3 development. The combined entity will hold royalty rights to over 200 drugs currently on the market or in development.

Ligand expects the transaction to be immediately accretive to earnings. The company raised its 2026 revenue and profit forecasts following the announcement. The transaction is scheduled to close in the third quarter of 2026.