The acquisition has closed; XOMA common and preferred shares are no longer trading. For common holders, the only remaining value is the $39.00 cash per share already received and the CVR tied to litigation outcomes. Monitor the Janssen litigation for potential CVR payouts. No further trading or arbitrage opportunity exists in XOMA securities.
Price Chart
Executive Summary
XOMA Royalty Corp. completed its acquisition by Ligand Pharmaceuticals on July 14, 2026. Common stockholders received $39.00 per share in cash plus one Contingent Value Right (CVR) per share tied to 75% of net proceeds from pending litigation. The Series A and Series B perpetual preferred stock were redeemed in full, and XOMA's common stock was delisted from Nasdaq. The transaction was approved by over 15.9 million votes in favor at the special meeting.
Key Facts
- Acquisition by Ligand Pharmaceuticals closed on July 14, 2026
- Common stockholders received $39.00 per share in cash plus one CVR per share
- CVR entitles holders to 75% of net proceeds from certain pending litigation
- Series A (XOMAP) and Series B (XOMAO) perpetual preferred stock were redeemed with all accrued dividends paid
- XOMA common stock delisted from Nasdaq effective before trading on July 14, 2026
- Loan agreement with Blue Owl Capital was terminated and fully discharged
- Shareholder vote: 15,924,106 for, 98,100 against, 11,380 abstentions on merger proposal
- 17,678,742 shares of common stock outstanding as of record date June 5, 2026
- Board of directors replaced with Ligand designees: Todd C. Davis, Octavio Espinoza, Andrew Reardon
Financial Impact
Common stockholders received $39.00 per share in cash (approx. $689M based on 17.68M shares) plus CVRs with contingent value from litigation. Preferred stock redeemed at par plus accrued dividends. Loan obligations fully discharged by Ligand.
Risk Factors
- CVR value depends entirely on outcome of pending litigation; may be zero
- Delisting eliminates liquidity for any remaining positions
- Potential dissenting shareholder appraisal rights (not quantified in filing)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (XOMA) — Batch item 1 | 0001193125-26-302648 |
| Document: d165297dex991.htm | 0001193125-26-302648 |
| Document: 0001193125-26-302648-index-headers.html | 0001193125-26-302648 |
| Document: 0001193125-26-302648-index.html | 0001193125-26-302648 |
| Document: 0001193125-26-302648.txt | 0001193125-26-302648 |
| 8-K Filing (XOMA) — Batch item 6 | 0001193125-26-302648 |
| Document: d165297dex991.htm | 0001193125-26-302648 |
| Document: 0001193125-26-302648-index-headers.html | 0001193125-26-302648 |
| Document: 0001193125-26-302648-index.html | 0001193125-26-302648 |
| Document: 0001193125-26-302648.txt | 0001193125-26-302648 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 27, 2026 9w ago | 15-12G | — | awaiting T+5 | — | — |
Jul 14, 2026 11w ago | 8-K | $40.17 $40.17 | · 0.00% | ▲ +0.47% | $163.54 (+307.12%) |
Jun 12, 2026 15w ago | DEFA14A | $41.95 $42.00 | ▲ +0.12% | ▲ +1.50% | $163.54 (+289.85%) |
Jun 12, 2026 15w ago | 8-K | $41.95 $42.00 | ▲ +0.12% | ▲ +1.50% | $163.54 (+289.85%) |
Mar 18, 2026 28w ago | Press Release | $28.76 $30.53 | ▲ +6.15% | ▲ +8.37% | $163.54 (+468.64%) |
Mar 18, 2026 28w ago | 8-K | $27.35 $30.20 | ▲ +10.42% | ▲ +11.14% | $163.54 (+497.95%) |
Mar 18, 2026 28w ago | Press Release | $27.35 $30.20 | ▲ +10.42% | ▲ +11.14% | $163.54 (+497.95%) |
Mar 12, 2026 29w ago | Press Release | $26.86 $28.76 | ▲ +7.07% | ▲ +8.05% | $163.54 (+508.86%) |
US Market Status
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