Pharma BD Deal Intelligence
Ligand (LGND) entered a definitive agreement to acquire XOMA Royalty (XOMA) for $39.00/share cash, ~$739M equity value, plus a non-tradeable CVR entitled to 75% of net proceeds from certain pending XOMA litigation. Expands Ligand's royalty portfolio past 200 assets and adds 7 commercial products; expected immediately accretive to Ligand adjusted EPS. On May 16, 2026 the parties signed Amendment No. 1 (8-Ks filed May 18, 2026) adding a newly formed Nevada subsidiary, XOMA Royalty Holdings Corporation, so the merger is effected via a holding-company reorganization (Flex Merger Sub merges into HoldCo) rather than directly into XOMA; the $39.00/share cash consideration and CVR terms are unchanged. The deal remains pending and is expected to close in Q3 2026, subject to XOMA stockholder approval and HSR clearance.