Pharma BD Deal Intelligence
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →The acquisition will add more than 120 assets across commercial, clinical, and preclinical stages to Ligand's existing portfolio, bringing its total to more…
Ligand's Todd Davis stated the deal presents a compelling opportunity for us to strengthen and diversify our portfolio across all stages of clinical…
Amendment No. 1 to the Agreement and Plan of Merger, dated May 16, 2026, adding XOMA Royalty Holdings Corporation (a Nevada subsidiary) as a party to effect a…
Source summaries from our enrichment pipeline; follow links for originals.
All 8 sources with sentiment breakdown →
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.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Ligand Pharmaceuticals Incorporated / XOMA Royalty Corporation (this deal) | 2026 | $739M | — |
| Thermo Fisher Scientific Inc. / Life Technologies Corporation | 2013 | $15.1B | 84 |
| Merck KGaA / Sigma-Aldrich Corporation | 2014 | $17.0B | 80 |
| Becton, Dickinson and Company / C.R. Bard Inc. | 2017 | $24.0B | 77 |
| Johnson & Johnson / Synthes Inc. | 2011 | $19.7B | 77 |
| Thermo Fisher Scientific Inc. / PPD Inc. | 2021 | $17.4B | 77 |
| Danaher Corporation / GE Life Sciences Biopharma Business (now Cytiva) | 2019 | $21.4B | 76 |