The merger with Ligand is firmly on track with a specific closing date of July 14, 2026. Common shareholders should be aware of the CVR record date and mechanics. Preferred shareholders should prepare for mandatory redemption at par with final dividend payment. The key remaining catalyst is the shareholder vote; any delay or failure to obtain approval would break the timeline.
Price Chart
Executive Summary
XOMA Royalty Corp filed additional definitive proxy soliciting materials (DEFA14A) confirming its acquisition by Ligand Pharmaceuticals is expected to close on or about July 14, 2026. The company also announced full redemption of all outstanding Series A and Series B perpetual preferred stock at $25.00 per share plus accrued dividends, effective July 14, 2026, and set a CVR record date of July 13, 2026, for common shareholders. The merger timeline is crystallizing, with the shareholder vote approaching.
Key Facts
- Merger with Ligand Pharmaceuticals expected to close on or about July 14, 2026
- Full redemption of 984,000 shares of Series A Preferred Stock at $25.00 per share plus accrued dividends
- Full redemption of 1,760.5 shares of Series B Preferred Stock (1,760,500 depositary shares) at $25.00 per depositary share plus accrued dividends
- Preferred stock redemption effective July 14, 2026, and shares will cease listing on Nasdaq
- CVR record date set for July 13, 2026, entitling common holders to one CVR per share as additional merger consideration
- Quarterly preferred dividends declared: $0.53906 per Series A share and $0.52344 per Series B depositary share, payable July 15, 2026
Financial Impact
Total redemption payment for preferred stock is approximately $24.6M for Series A (984,000 shares × $25) plus approximately $44.0M for Series B (1,760,500 depositary shares × $25), totaling ~$68.6M plus accrued dividends. CVRs represent contingent payments from 75% interest in XOMA Royalty LLC related to Janssen litigation.
Risk Factors
- Risk of shareholder vote not approving the merger
- Regulatory approval or other conditions to closing may not be satisfied
- CVR value is contingent on Janssen litigation outcomes and may be zero
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DEFA14A Filing (Primary) | 0001193125-26-269736 |
| Document: 0001193125-26-269736-index-headers.html | 0001193125-26-269736 |
| Document: 0001193125-26-269736-index.html | 0001193125-26-269736 |
| Document: 0001193125-26-269736.txt | 0001193125-26-269736 |
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
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access