Flash FinanceUS
Pre-market S&P 5007,376.86+0.31% Nasdaq24,579.42+1.09% Dow 3051,285.73-0.46% Russell 20002,754.11+0.89% Nasdaq-10026,989.99+1.35% MidCap 4003,602.50+0.56% SmallCap 6001,673.98+0.05% VIX25.64-9.01% 10Y Yield4.86+0.45% Close of Nov 06, 2026
AI brief of an SEC Form 8-K · Ligand Pharmaceuticals (LGND)

Ligand to acquire XOMA Royalty for $39.00 per share in cash, about $739 million total

Positive Impact 5 of 5 m&a Written later

On April 27, 2026, Ligand Pharmaceuticals agreed to acquire XOMA Royalty Corporation for $39.00 per share in cash plus one contingent value right per share, for a total equity value of approximately $739 million. Ligand raised its 2026 revenue and adjusted EPS guidance at the same time. The deal requires XOMA Royalty stockholder approval and Hart-Scott-Rodino clearance and is expected to close in the third quarter of 2026.

Key points

  • Cash price of $39.00 per share; each CVR entitles holders to a portion of 75% of net proceeds from XOMA's litigation with Janssen Biotech over TREMFYA.
  • Ligand raised 2026 revenue guidance to $270 million to $310 million (from $245 million to $285 million) and adjusted EPS guidance to $8.50 to $9.50 (from $8.00 to $9.00).
  • XOMA Royalty must pay a $40,000,000 termination fee in specified circumstances; the merger outside date is January 26, 2027.
  • Entities affiliated with BVF Partners, holding about 21% of XOMA Royalty common stock, agreed to support the transaction.

The filing

CompanyLigand Pharmaceuticals (LGND)
Form8-K, current report
Filed with the SECApr 27, 2026, 9:29 AM ET
Accession number0001193125-26-179529

Items reported: 1.01 Material Definitive Agreement8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 12:58 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 27, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.