Recent Updates — LGNZZ

Ligand Pharmaceuticals acquired a 100% interest in royalty and milestone payment rights for Santen Pharmaceutical’s Ryjunea from Sydnexis for a $23 million upfront payment. The transaction grants Ligand an ascending tiered low-double-digit to high-teens royalty on Ryjunea net sales in Europe, the Middle East, and Africa, along with certain milestone payments. Ryjunea is a once-nightly atropine eye drop approved by the European Commission and UK MHRA to slow myopia progression in pediatric patients. This strategic acquisition expands Ligand’s diversified portfolio of biopharmaceutical royalties. The company operates as a royalty aggregator that partners with biopharmaceutical companies to finance late-stage clinical development programs.

On July 14, 2026, Ligand Pharmaceuticals completed its merger with XOMA Royalty Holdings Corporation. XOMA Royalty shareholders received $39.00 per share in cash plus contingent value rights (CVRs) representing an interest in XOMA Royalty LLC. In connection with the closing, the company entered into an Amended and Restated Credit Agreement providing a $125.0 million revolving credit facility maturing September 12, 2028. The facility includes a consolidated senior secured net leverage ratio covenant of 2.50 to 1.00 and minimum consolidated EBITDA requirements of $100 million through March 31, 2027, increasing to $150 million thereafter. Ligand Pharmaceuticals is a biopharmaceutical company that develops and acquires royalty interests in pharmaceutical products.