Monitor the shareholder vote scheduled for the Company Stockholders Meeting and track regulatory approval progress, as these are key milestones for deal completion.
Price Chart
Executive Summary
XOMA Royalty Corporation has agreed to be acquired by Ligand Pharmaceuticals for $39.00 per share in cash, plus contingent value rights (CVRs) tied to ongoing litigation. The deal, unanimously approved by both boards, is expected to close in Q3 2026 pending shareholder and regulatory approval.
Key Facts
- Ligand will acquire XOMA Royalty for $39.00 per share in cash, representing a 14% premium to XOMA's 30-day volume-weighted average price.
- XOMA shareholders will also receive one non-transferable contingent value right (CVR) per share, entitling them to 75% of net proceeds from the Janssen litigation.
- The transaction is expected to close in Q3 2026, subject to shareholder approval and regulatory clearance.
- XOMA's board unanimously approved the deal and recommended it to shareholders.
- BVF Partners, holding ~47% of voting power, has agreed to support the transaction through a voting agreement.
- The deal includes a $40 million termination fee if XOMA accepts a superior offer.
Financial Impact
Total equity value of approximately $739 million based on 12,129,405 shares outstanding at $39.00 per share, plus contingent value rights.
Risk Factors
- Failure to obtain shareholder approval
- Regulatory hurdles delaying or blocking the transaction
- Adverse outcome in the Janssen litigation affecting CVR value
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DEFA14A Filing (Primary) | 0001193125-26-179093 |
| Document: 0001193125-26-179093-index-headers.html | 0001193125-26-179093 |
| Document: 0001193125-26-179093-index.html | 0001193125-26-179093 |
| Document: 0001193125-26-179093.txt | 0001193125-26-179093 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 10, 2026 16w ago | DEFM14A | $25.51 $24.98 | ▼ −2.07% | ▼ −3.96% | — |
May 26, 2026 18w ago | 425 | $25.36 $25.48 | ▲ +0.47% | ▲ +2.42% | — |
May 18, 2026 19w ago | DEFA14A | $25.38 $25.40 | ▲ +0.08% | ▼ −1.50% | — |
Apr 27, 2026 22w ago | DEFA14A | $25.25 $25.36 | ▲ +0.44% | ▼ −4.52% | — |
Apr 27, 2026 22w ago | 8-K | $25.25 $25.36 | ▲ +0.44% | ▼ −4.52% | — |
Mar 30, 2026 26w ago | DEFA14A | $25.74 $25.62 | ▼ −0.47% | ▼ −9.89% | — |
US Market Status
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