On July 14, 2026, XOMA Royalty Corporation consummated a merger with Ligand Pharmaceuticals Incorporated. Common stockholders received $39.00 per share in cash plus contingent value rights (CVRs) representing an interest in XOMA Royalty LLC. The company's 8.625% Series A and 8.375% Series B Cumulative Perpetual Preferred Stock were redeemed, including all accrued and unpaid dividends. In connection with the closing, the company terminated its Loan Agreement dated December 15, 2023, with all outstanding obligations discharged. The company has requested that Nasdaq delist and deregister its common stock. The board of directors was reconstituted, with Todd C. Davis, Octavio Espinoza, and Andrew Reardon appointed as directors. XOMA Royalty operates in the biopharmaceutical industry, managing royalty interests in pharmaceutical products.

XOMA Royalty Corporation announced that the acquisition of XOMA Royalty Holdings Corporation by Ligand Pharmaceuticals Incorporated is expected to close on or about July 14, 2026. Additionally, the company delivered notices to redeem all outstanding shares of its 8.625% Series A and 8.375% Series B Cumulative Perpetual Preferred Stock on July 14, 2026, at a price of $25.00 per share or depositary share plus accrued and unpaid dividends. XOMA Royalty Corporation operates in the biotechnology royalty industry, managing a portfolio of royalty interests in pharmaceutical products.