XOMA Royalty Announces Closing of Its Acquisition by Ligand

Rhea-AI Summary

XOMA Royalty (Nasdaq: XOMA) announced that Ligand Pharmaceuticals (Nasdaq: LGND) has closed its previously announced acquisition of XOMA Royalty, following transaction terms first disclosed on April 27, 2026. Ligand acquired all outstanding shares of XOMA Royalty common stock.

According to XOMA Royalty, its stockholders received $39.00 in cash per share of common stock they owned. In addition, XOMA Royalty stockholders and equity award holders received one non-transferable Contingent Value Right (CVR) per share, entitling each holder to receive a portion of 75% of the net proceeds that may result from certain pending litigation at XOMA Royalty. Following completion of the transaction, XOMA Royalty’s common stock ceased trading on the Nasdaq stock exchange. Leerink Partners acted as lead financial advisor, H.C. Wainwright & Co. as financial advisor, and Gibson, Dunn & Crutcher LLP as legal advisor to XOMA Royalty.

Positive

• $39.00 cash per share paid to XOMA Royalty stockholders
• Holders receive CVRs tied to 75% of net proceeds from certain litigation

Negative

• XOMA Royalty common stock no longer trades on Nasdaq, removing public market liquidity

Market Context

Viewed against XOMA’s mixed record around acquisition news, where average one-day moves were only 0....

Analysis

Viewed against XOMA’s mixed record around acquisition news, where average one-day moves were only 0.43%, a balanced reaction would fit its history. With short interest categorized as low, attention may center on realized value from the cash payout and litigation-linked CVR.

Key Figures

Cash consideration: $39.00 per share CVR participation: 75% of net proceeds

2 metrics

Cash consideration $39.00 per share Acquisition price paid by Ligand for each XOMA Royalty common share

CVR participation 75% of net proceeds Portion of net proceeds from certain pending litigation owed to CVR holders

Previous Acquisition Reports

5 past events · Latest: Apr 27 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 27	Acquisition announcement	Positive	+10.7%	Ligand agreed to acquire XOMA Royalty for $39.00 per share plus a CVR.
Feb 09	Acquisition closing	Neutral	-4.9%	XOMA Royalty completed tender offer and acquisition of Generation Bio with cash and CVR.
Dec 05	Acquisition closing	Neutral	-3.9%	XOMA Royalty closed acquisition of Mural Oncology for cash consideration per share.
Nov 21	Acquisition closing	Neutral	-0.3%	XOMA Royalty completed acquisition of LAVA Therapeutics using cash plus a CVR structure.
Oct 02	Tender offer extension	Neutral	+0.5%	XOMA Royalty and LAVA extended tender offer with cash and 75%-of-proceeds CVR terms.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Acquisition-related headlines for XOMA have produced mixed reactions, with more negative than positive one-day moves despite a modestly positive average change.

Key Terms

contingent value right

1 terms

contingent value right financial

"one non-transferable Contingent Value Right (“CVR”) per share entitling the holder"

A contingent value right is a special security that gives its holder the right to receive one or more future payments only if specified events happen, such as a product reaching a sales target or getting regulatory approval. It matters to investors because it offers potential extra payout tied to uncertain outcomes—like a bet that a project will succeed—so it can add upside to a deal while also carrying extra risk and valuation uncertainty.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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EMERYVILLE, Calif., July 14, 2026 (GLOBE NEWSWIRE) -- XOMA Royalty Corporation today announced that Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) has completed its previously announced acquisition of XOMA Royalty.

Pursuant to the terms of the transaction announced on April 27, 2026, Ligand acquired all of the outstanding shares of XOMA Royalty common stock. XOMA Royalty stockholders received $39.00 in cash per share of XOMA Royalty common stock owned. XOMA Royalty stockholders and equity award holders also received one non-transferable Contingent Value Right (“CVR”) per share entitling the holder to receive a portion of 75% of the net proceeds that may result from certain pending litigation at XOMA Royalty. As a result of the transaction completion, XOMA Royalty’s common stock no longer trades on the Nasdaq stock exchange.

Leerink Partners served as lead financial advisor, H.C. Wainwright & Co. served as financial advisor, and Gibson, Dunn & Crutcher LLP served as legal advisor to XOMA Royalty.

About XOMA Royalty Corporation
XOMA Royalty is a biotechnology royalty aggregator playing a distinctive role in helping biotech companies achieve their goal of improving human health. XOMA Royalty acquires the potential future economics associated with pre-commercial and commercial therapeutic candidates that have been licensed to pharmaceutical or biotechnology companies. When XOMA Royalty acquires the future economics, the seller receives non-dilutive, non-recourse funding they can use to advance their internal drug candidate(s) or for general corporate purposes. XOMA Royalty has an extensive and growing portfolio of assets (asset defined as the right to receive potential future economics associated with the advancement of an underlying therapeutic candidate). For more information about XOMA Royalty and its portfolio, please visit www.xoma.com or follow XOMA Royalty Corporation on LinkedIn.

Contacts

Investors and Media:
Maghan Meyers
Maghan@argotpartners.com
(646) 367-2769

FAQ

What did XOMA (XOMA) shareholders receive in the Ligand acquisition closing on July 14, 2026?

XOMA shareholders received $39.00 in cash per share at closing. According to XOMA Royalty, stockholders also received one non-transferable CVR per share, tied to a portion of 75% of net proceeds from certain pending litigation.

What is the Contingent Value Right (CVR) XOMA (XOMA) investors received from the Ligand deal?

Each XOMA stockholder and equity award holder received one non-transferable CVR per share. According to XOMA Royalty, each CVR entitles holders to a portion of 75% of net proceeds that may result from certain pending litigation at the company.

How does the Ligand acquisition affect XOMA (XOMA) stock trading on Nasdaq?

After the Ligand acquisition closed, XOMA Royalty’s common stock stopped trading on Nasdaq. According to XOMA Royalty, completion of the transaction resulted in its shares no longer being listed, removing public market trading for former XOMA Royalty stock.

When was the Ligand acquisition of XOMA Royalty (XOMA) originally announced and when did it close?

The transaction terms were first announced on April 27, 2026, and the acquisition closed July 14, 2026. According to XOMA Royalty, closing on this date triggered the cash payment and CVR issuance to stockholders and equity award holders.

Do XOMA (XOMA) investors still hold shares after the Ligand acquisition completion?

Former XOMA investors no longer hold XOMA Royalty common shares as publicly traded stock. According to XOMA Royalty, Ligand acquired all outstanding shares, with holders instead receiving $39.00 per share in cash plus one non-transferable CVR for each former share.

Which advisors worked on the Ligand acquisition of XOMA Royalty (XOMA)?

Leerink Partners served as lead financial advisor to XOMA Royalty, with H.C. Wainwright & Co. also acting as financial advisor. According to XOMA Royalty, Gibson, Dunn & Crutcher LLP served as its legal advisor on the completed transaction.