---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-179529"
form_type: "8-K"
ticker: "LGND"
cik: "0000886163"
company_name: "LIGAND PHARMACEUTICALS INC"
filed_at: "2026-04-27T23:59:59+00:00"
generated_at: "2026-05-15T04:08:45.126381+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Ligand to acquire XOMA Royalty for $39/share cash plus CVR from Janssen litigation

## Summary
- Cash consideration of $39.00 per XOMA Royalty share plus CVRs representing 75% of net proceeds from Janssen litigation.
- Support agreements from stockholders (~47% of shares), including BFV Partners and management, to vote in favor.
- Termination fee of $40M payable by XOMA Royalty under specified circumstances.
- Transaction subject to XOMA Royalty stockholder approval and HSR clearance; expected to close by Jan 26, 2027.
- XOMA Royalty board unanimously approved and recommends stockholders vote in favor.

## SEC filing metadata
- accession: 0001193125-26-179529
- form_type: 8-K
- ticker: LGND
- cik: 0000886163
- company_name: LIGAND PHARMACEUTICALS INC
- filed_at: 2026-04-27T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/886163/000119312526179529/0001193125-26-179529-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/886163/000119312526179529/d143046d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-179529
- JSON: https://secwatch.observer/filing/0001193125-26-179529.json
- Plain text: https://secwatch.observer/filing/0001193125-26-179529.txt

## Source-grounded claims
- claim_id: 3a37e616c34f1fc42ffd7a9c52a2d3b9d08638ff
  claim: LIGAND PHARMACEUTICALS INC entered into Agreement and Plan of Merger with XOMA Royalty Corporation (effective 2026-04-27).
  evidence_excerpt: On April 27, 2026, Ligand Pharmaceuticals Incorporated, a Delaware corporation (“ Ligand ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”), by and among Ligand, XOMA Royalty Corporation, a Nevada corporation (“ XOMA Royalty ”), and Flex Merger Sub, Inc., a Nevada corporation and wholly-owned subsidiary of Ligand (“ Merger Sub ”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/886163/000119312526179529/0001193125-26-179529-index.htm

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