XOMA Royalty Acquisition, Valuation & Financials

XOMA Royalty was acquired by Ligand Pharmaceuticals for $740M in April 2026.

XOMA Royalty acquisition price

$740M

Acquired by Ligand Pharmaceuticals · Apr 2026

XOMA Royalty revenue as a public company

$56M

Last twelve months · Jun 2026 · 28% EBITDA margin

XOMA Royalty revenue multiple before the deal

14.2x

EV/Revenue · last month listed · Jun 2026

XOMA Royalty EBITDA multiple before the deal

50.4x

EV/EBITDA · last month listed · Jun 2026

XOMA Royalty Overview

About XOMA Royalty

XOMA Royalty Corp is a biotechnology royalty aggregator playing a role in helping biotech companies achieve their goal of improving human health. XOMA acquires the potential future economics associated with pre-commercial therapeutic candidates that have been licensed to pharmaceuticals or biotechnology companies. XOMA acquires future economic rights, the seller receives non-dilutive, non-recourse funding that can use to advance their internal drug candidate(s) or for general corporate purposes. Geographically, the company operates in Switzerland, United States, Asia Pacific, Europe and Others.


Founded

1981

HQ

United StatesSan Francisco, CA

Website

xoma.com

Status

Acquired

Customer focus

B2B

Revenue model

Licensing

Revenue

$56M (Jun 2026)

Valuation

$740M (acquired Apr 2026)

XOMA Royalty Acquisition

XOMA Royalty was acquired by Ligand Pharmaceuticals for $740M on 26 April 2026.

Ligand Pharmaceuticals acquired XOMA Royalty Corporation in an all-cash transaction announced on April 27, 2026, for $39 per share, representing a total equity value of approximately $739 million. The acquisition includes a Contingent Value Right (CVR) providing XOMA shareholders with 75% of net proceeds from pending Tremfya litigation with Janssen. The transaction also requires cash redemption of XOMA's preferred stock, repayment of loans, and settlement of in-the-money options and warrants. Funding will come from Ligand's cash balance sheet and borrowings under an existing credit facility. The strategic rationale centers on accelerating profit growth and strengthening Ligand's position as a leading biopharma royalty aggregator. The acquisition adds over 100 royalty assets to Ligand's portfolio. Management expects to eliminate most standalone operating costs associated with XOMA, contributing to incremental earnings of $0.50 per share in 2026 and $1.50 per share in 2027. The transaction is expected to be immediately accretive to Ligand's earnings per share. XOMA generated $52.1 million in revenues for 2025, representing 83% growth over 2024 revenues of $28.5 million. The company operates as a royalty aggregator collecting payments from pharmaceutical products. Following the acquisition announcement, Ligand increased its 2026 revenue guidance to $270-$310 million (from $245-$285 million) and raised adjusted earnings per diluted share guidance to $8.50-$9.50 (from $8.00-$9.00). Royalty revenues are now expected to range from $225-$250 million. The transaction is expected to close in the third quarter of 2026.

XOMA Royalty acquisition details
AcquirerDateTypePrice
26 Apr 2026Strategic M&A$740M

XOMA Royalty as a Public Company

XOMA Royalty traded as NAS: XOMA before it was taken private. Its acquisition was announced in April 2026. June 2026 is its last month on record as a listed company, with a market cap of $751M and an enterprise value of $790M.

Last-twelve-month revenue was $56M, with EBITDA of $16M (28% margin), and the shares traded at 14.2x EV/Revenue and 50.4x EV/EBITDA.

Over the 4 years before that, its market cap grew from $255M in June 2022 to $751M, while revenue grew from $30M to $56M.

XOMA Royalty market cap while listed

XOMA Royalty EV/Revenue (LTM) while listed

XOMA Royalty financials and trading multiples by year while listed
As ofMarket capRevenue (LTM)EBITDA (LTM)EBITDA marginEV/RevenueEV/EBITDA
Jun 2026$751M$56M$16M28%14.2x50.4x
Jun 2025$304M$37M($1M)-4%8.7x(229.2x)
Jun 2024$276M$13M($17M)-135%20.3x(15.0x)
Jun 2023$217M$9M($17M)-190%19.0x(10.0x)
Jun 2022$255M$30M$14M48%5.6x11.6x

Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month XOMA Royalty traded.

Acquisitions by XOMA Royalty

XOMA Royalty has acquired 6 companies to date.

Last acquisition by XOMA Royalty was on December 15th 2025. XOMA Royalty acquired Generation Bio for $29M.


Latest Acquisitions by XOMA Royalty

Generation Bio
LAVA Therapeutics
HilleVax
Turnstone Biologics
Description
Generation Bio Co is a genetics medicine company focused on creating gene therapies to provide durable and redosable treatments for patients suffering from rare and untreated diseases. The company focuses on liver and retina-related diseases. It is developing two distinct and complementary platforms that It believes will enable differentiated therapeutic applications. Its first platform is a potent, selective ctLNP delivery system for nucleic acids, which is designed to avoid off-target clearance by the liver and spleen, enabling ctLNPs to persist in systemic circulation and allowing for selective and potent ligand-driven targeting to specific tissues and cell types. Its second platform is its novel iqDNA, which is an optimized variant of its ceDNA.
-
HilleVax is a Boston-headquartered biopharmaceutical company developing HIL-214, a virus-like particle-based vaccine candidate against norovirus. Incorporated in 2020, the firm advanced its lead program into phase 2b clinical trials in 2023 across the United States, Chile, and Costa Rica involving pediatric and adult populations. HilleVax trades on Nasdaq under HLVX and collaborates with Takeda Pharmaceutical for norovirus research insights while expanding manufacturing through CDMOs in Europe.
Turnstone Biologics is an Ottawa-headquartered clinical-stage biotechnology company developing selected tumor-infiltrating lymphocyte therapies for advanced solid tumors. The firm's TIDAL platform engineers TILs targeting neoantigens, with lead candidate TIDAL-01 in Phase I/II trials for melanoma, head and neck cancer, and colorectal cancer at sites in the United States and Canada.
HQ CountryUnited States-United StatesUnited States
HQ City
Cambridge
-
Boston, MA
San Diego, CA
Deal Date15 Dec 20254 Aug 20254 Aug 202527 Jun 2025
Valuation$29M$46Mundisclosed$8M
EV/Revenue
EV/EBITDA

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XOMA Royalty Competitors

XOMA Royalty competitors include listed companies like Solid Biosciences, OmniAb, Rigel Pharmaceuticals and HK inno.N, and private ones like ZSPepLib and Sonoma Biotherapeutics.

Public and private companies comparable to XOMA Royalty
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Solid BiosciencesUnited StatesUnited StatesPublicly listed-($183M)$736M-
OmniAbUnited StatesUnited StatesPublicly listed$19M($47M)$734M20.1x
Rigel PharmaceuticalsUnited StatesUnited StatesPublicly listed$294M$128M$747M2.2x
ZSPepLibChinaZhuzhouPrivate--$732M-
HK inno.NSouth KoreaSouth KoreaPublicly listed$786M$111M$748M1.3x
Sonoma BiotherapeuticsUnited StatesSan Francisco, CAPrivate--$732M-

XOMA Royalty Public Comps

XOMA Royalty is no longer listed, but its public comps include Solid Biosciences, OmniAb, Rigel Pharmaceuticals, HK inno.N, Cullinan Therapeutics, Collegium Pharmaceutical, Ironwood Pharmaceuticals, Ardelyx, SPIMACO - ADDWAEIH and Nuvectis Pharma.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Solid Biosciences-($183M)--(2.2x)(1.8x)
OmniAb$19M($47M)36.8x20.1x(14.6x)(23.3x)
Rigel Pharmaceuticals$294M$128M2.2x2.2x5.1x7.4x
HK inno.N$786M$111M1.3x1.3x9.0x8.2x
Cullinan Therapeutics-($242M)-36.7x(1.6x)(2.0x)
Collegium Pharmaceutical$781M$390M2.2x2.1x4.3x3.8x
Ironwood Pharmaceuticals$296M$101M3.3x2.1x9.7x3.0x
Ardelyx$407M($29M)1.7x1.5x(23.8x)1549.1x

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Common questions about XOMA Royalty

When was XOMA Royalty founded?XOMA Royalty was founded in 1981.
Where is XOMA Royalty headquartered?XOMA Royalty is headquartered in San Francisco, CA, United States.
Is XOMA Royalty publicly listed?No, XOMA Royalty was acquired by Ligand Pharmaceuticals in April 2026.
Who acquired XOMA Royalty?XOMA Royalty was acquired by Ligand Pharmaceuticals in April 2026.
How much was XOMA Royalty acquired for?XOMA Royalty was acquired for $740M in April 2026.
Which companies are comparable to XOMA Royalty?Companies comparable to XOMA Royalty include Solid Biosciences, OmniAb, Rigel Pharmaceuticals, ZSPepLib, HK inno.N and Sonoma Biotherapeutics.
What was XOMA Royalty's market cap before the acquisition?XOMA Royalty had a market cap of $751M in June 2026, its last month on record as a listed company, trading at 14.2x EV/Revenue.
What was XOMA Royalty's revenue as a public company?XOMA Royalty's last reported twelve-month revenue was $56M (June 2026), with EBITDA of $16M.
How many companies has XOMA Royalty acquired?XOMA Royalty has acquired 6 companies, including Generation Bio, LAVA Therapeutics, HilleVax, Turnstone Biologics and Pulmokine.
What was the largest acquisition by XOMA Royalty?The $122M acquisition of Kinnate Biopharma in February 2024 is the largest acquisition XOMA Royalty has made to date.

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