Ligand Pharmaceuticals completes acquisition of XOMA Royalty for $39 per share
Ligand Pharmaceuticals Incorporated completed its acquisition of XOMA Royalty Corporation on July 14, 2026. Each share of XOMA Royalty common stock was converted into $39.00 in cash per share plus one contingent value right entitling holders to a portion of 75% of net proceeds from certain pending litigation. XOMA Royalty's common stock was delisted from Nasdaq effective July 14, 2026, and the company intends to terminate its SEC registration.
Key facts
- Ligand Pharmaceuticals acquired all outstanding shares of XOMA Royalty common stock on July 14, 2026
- $39.00 in cash per share of XOMA Royalty common stock
- CVR entitling holders to receive a portion of 75% of net proceeds from certain pending litigation at XOMA Royalty
- XOMA Royalty common stock delisted from Nasdaq effective July 14, 2026
- 7 directors resigned: Jack L. Wyszomierski, Heather L. Franklin, Natasha Hernday, Owen Hughes, Barbara Kosacz, Joseph M. Limber, and Matthew Perry
- 3 Merger Sub directors became new directors: Todd C. Davis, Octavio Espinoza, and Andrew Reardon
- 17,678,742 shares outstanding as of June 5, 2026 record date
- Merger Agreement approved by stockholders on July 13, 2026: 15,924,106 votes for, 98,100 against
- Loan Agreement dated December 15, 2023 was fully discharged on July 14, 2026
- Holding Company Reorganization restructured XOMA Royalty with HoldCo becoming parent company
Why it matters
The acquisition completes Ligand's entry into the royalty-stage asset aggregation business and provides XOMA Royalty shareholders with immediate liquidity at $39.00 per share plus contingent upside tied to litigation outcomes, while the CVR structure preserves shareholders' exposure to a material portion of future legal recovery proceeds.
Developing story
- SCHEDULE 13D
- 8-Kthis filing
Share
Derived from 8-K filed 2026-07-14. Not investment advice. View the source filing on SEC.gov →