M&A · Healthcare · Pharmaceutical Preparations
Ligand Pharmaceuticals Inc to acquire XOMA Royalty Corp
Announced Apr 27, 2026 · Closed Jul 14, 2026
Deal value$739MEV $765M
Premium29.0%To unaffected price
EV / Adj. EBITDA32.4x14.7x EV / Revenue
ConsiderationAll cash$39.00 per share
Transaction
- Acquirer
- Ligand Pharmaceuticals Inc (LGND)
- Target
- XOMA Royalty Corp (XOMA)
- Buyer type
- Strategic
- Offer price per share
- $39.00
- Enterprise value
- $765M
- Status
- Closed Jul 14, 2026
Deal protections
- Break fee (target pays)
- $40.0M · 5.4%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Stifel, Citigroup
- To the target
- Leerink Partners, H.C. Wainwright
Sector context · Healthcare
- Comparable deals
- 99 in the prior 24 months
- Premium
- 29.0% vs. 52.0% sector median
- EV / Adj. EBITDA
- 32.4x vs. 13.2x sector median
- Break fee
- 5.4% vs. 3.3% sector median
Timeline
- AnnouncedApr 27, 2026
- Proxy filedJun 10, 2026
- Definitive proxyJun 10, 2026
- Shareholder voteJul 13, 2026
- ClosedJul 14, 2026
Valuation · fairness opinions
Discounted cash flow$32.73$37.26
Discounted cash flow$18.77$40.26
Analyst price targets$50.00$97.00
Offer $39.00
Implied value per XOMA Royalty Corp share by analysis, from Leerink Partners.