XOMA Royalty to be Acquired by Ligand Pharmaceuticals

XOMA Royalty Corporation ( (XOMA) ) has provided an update.

On April 27, 2026, XOMA Royalty agreed to be acquired by fellow biotech royalty aggregator Ligand Pharmaceuticals for $39 per share in cash, valuing the target at about $739 million and reflecting a roughly 14% premium to XOMA Royalty’s 30-day average share price. Common shareholders are also expected to receive one non-transferable contingent value right per share tied to 75% of potential net proceeds from XOMA Royalty’s ongoing litigation with Janssen Biotech.

The deal, unanimously approved by both boards and backed by voting agreements representing about 47% of XOMA Royalty’s stock, is expected to close in the third quarter of 2026 subject to shareholder and regulatory approvals. The transaction would fold more than 120 additional commercial, clinical and preclinical assets and seven marketed products into Ligand’s portfolio, immediately boost Ligand’s earnings per share, and strengthen its positioning as a leading biopharma royalty aggregator by broadening its exposure to ophthalmology, oncology, CNS and rare diseases.

The most recent analyst rating on (XOMA) stock is a Buy with a $97.00 price target. To see the full list of analyst forecasts on XOMA Royalty Corporation stock, see the XOMA Stock Forecast page.

Spark’s Take on XOMA Stock

According to Spark, TipRanks’ AI Analyst, XOMA is a Neutral.

The score is anchored by improving fundamentals but constrained by weak cash-flow durability and elevated leverage. Technicals are strong with price above major moving averages, though overbought indicators temper the outlook. Valuation appears reasonable on P/E, and recent corporate updates (cash receipts growth, buybacks, and portfolio expansion) provide additional support.

To see Spark’s full report on XOMA stock, click here.

More about XOMA Royalty Corporation

XOMA Royalty Corporation is a biotechnology royalty aggregator that acquires rights to potential future economics from pre-commercial and commercial therapeutic candidates licensed to pharmaceutical and biotech companies. By purchasing these royalty interests, XOMA Royalty provides non-dilutive, non-recourse funding to its partners, building a diversified portfolio across multiple therapeutic areas and development stages.

Average Trading Volume: 171,492

Technical Sentiment Signal: Buy

Current Market Cap: $451.6M

See more data about XOMA stock on TipRanks’ Stock Analysis page.