Ligand Pharmaceuticals acquires Xoma Royalty in $740 million all-cash deal

9 articles · Updated · The Wall Street Journal · Apr 27

The acquisition values Xoma at $39 per share and is expected to be announced Monday, expanding Ligand’s portfolio to over 200 drugs and experimental treatments.
Xoma, based in Emeryville, California, holds stakes in seven approved drugs, including Roche’s Vabysmo and Ojemda from Day One Biopharmaceuticals.
Ligand, headquartered in Jupiter, Florida, will significantly increase its royalty aggregation business, adding marketed and late-stage drugs such as Filspari and Capvaxive to its holdings.

Is Ligand's $740M Xoma buyout a masterstroke or a risky bet on future drug royalties?

Could the success of Roche's Vabysmo alone make Ligand's $740 million investment profitable?

Can the new, larger Ligand truly challenge Royalty Pharma's dominance in biopharma financing?

What does this deal signal about the current market valuation of early-stage drug assets?

How will the merger of two royalty giants impact funding options for smaller biotech companies?