$XOMA

Ligand Pharmaceuticals Closes $739 Million XOMA Royalty Purchase

Ligand Pharmaceuticals (LGND) has completed its acquisition of XOMA Royalty (XOMA) for an equity value of about $739 million, the company said Tuesday.XOMA Royalty shareholders received $39 in cash per share and one non-transferable contingent value right tied to a portion of proceeds from certain pending litigation, the company said.Ligand said the acquisition adds seven commercial products, 14 late-stage development programs and more than 100 development and commercial-stage assets.The company said the transaction is expected to add about $0.50 per share and $1.50 per share to its projected adjusted earnings per share in 2026 and 2027, respectively.Ligand said it expects to provide an updated five-year outlook at its Investor Day on Dec. 8.Following the closing, XOMA Royalty's common stock stopped trading on the Nasdaq Global Market, the company said.Price: $307.59, Change: $-1.66, Percent Change: -0.54%

HC Wainwright Downgrades XOMA Royalty to Neutral From Buy, Adjusts Price Target to $39 From $97

Sector Update: Health Care Stocks Edge Higher Pre-Bell Monday

Health care stocks were edging higher pre-bell Monday, with the State Street Health Care Select Sector SPDR ETF (XLV) up 0.2% and the iShares Biotechnology ETF (IBB) marginally advancing.Organon (OGN) has agreed to be acquired by Sun Pharmaceutical Industries for $14 per share in an all-cash deal with an $11.75 billion enterprise valuation, the companies said. Shares of Organon were up more than 17% premarket.Oruka Therapeutics (ORKA) stock was up more than 34% after the company said 63.5% of patients treated with ORKA-001 achieved the primary endpoint of complete skin clearance at week 16 in a phase 2a trial in moderate-to-severe plaque psoriasis.Ligand Pharmaceuticals (LGND) shares were up more than 3% after the company said it has agreed to purchase biotechnology peer Xoma Royalty (XOMA) in an all-cash deal valued at roughly $739 million.