---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-179085"
form_type: "8-K"
ticker: "XOMA"
cik: "0000791908"
company_name: "XOMA Royalty Corp"
filed_at: "2026-04-27T23:59:59+00:00"
generated_at: "2026-05-15T04:07:36.681638+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Ligand to acquire XOMA Royalty for $39.00/share cash plus contingent value rights

## Summary
- Per-share consideration: $39.00 cash plus CVRs representing rights to 75% of net proceeds from Janssen litigation.
- Support stockholders holding ~47% of shares agree to vote in favor; no financing condition for acquirer.
- Transaction includes holding company reorganization and CVR spin; expected close by Jan 26, 2027.
- Termination fee of $40M payable by XOMA under specified circumstances including superior proposal.
- XOMA Board unanimously recommends approval; stockholder vote required.

## SEC filing metadata
- accession: 0001193125-26-179085
- form_type: 8-K
- ticker: XOMA
- cik: 0000791908
- company_name: XOMA Royalty Corp
- filed_at: 2026-04-27T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/791908/000119312526179085/0001193125-26-179085-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/791908/000119312526179085/d139894d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-179085
- JSON: https://secwatch.observer/filing/0001193125-26-179085.json
- Plain text: https://secwatch.observer/filing/0001193125-26-179085.txt

## Source-grounded claims
- claim_id: 4c61d240ec7db1a527eb7965e0ae54e7860565b9
  claim: XOMA Royalty Corp entered into Merger Agreement with Ligand Pharmaceuticals Incorporated and Flex Merger Sub, Inc. (effective 2026-04-27).
  evidence_excerpt: On April 27, 2026, XOMA Royalty Corporation, a Nevada corporation (the “ Company ” or “ XOMA Royalty ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”), by and among the Company, Ligand Pharmaceuticals Incorporated, a Delaware corporation (“ Parent ”), and Flex Merger Sub, Inc., a Nevada corporation and wholly-owned subsidiary of Parent (“ Merger Sub ”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/791908/000119312526179085/0001193125-26-179085-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.