Xoma Ltd

XOMA Corporation is a biotechnology firm specializing in acquiring economic rights to milestone and royalty payments linked to pre-commercial clinical candidates, providing essential funding to biotech companies. XOMA Corporation, established in 1981 and headquartered in Emeryville, US, focuses on offering financial support to biotech firms through royalty and milestone rights acquisition. The company has undergone strategic pivots to enhance its operational model. In April 2026, Ligand Pharmaceuticals, Inc.

, a portfolio company of Venrock agreed to fully acquire XOMA Corporation for USD 739 million. XOMA Royalty specializes in acquiring economic rights to future milestone and royalty payments associated with partnered pre-commercial clinical candidates in the biotechnology sector. This enables biotech companies to secure non-dilutive, non-recourse funding for their internal drug candidates, focusing primarily on pre-commercial therapeutic assets. The company’s diverse portfolio includes over 120 assets linked to various drug products under development by multiple pharmaceutical and biotech firms, serving clients in North America and Europe.

XOMA Royalty generates revenue by acquiring milestone and royalty payment rights through strategic partnerships with biotech and pharmaceutical companies. This structure allows clients to obtain upfront capital without diluting equity, while XOMA earns a share of future royalties and milestone payments from successful drug developments. Its business model emphasizes capital efficiency and risk mitigation associated with single-asset exposure. Notably, the company has secured up to USD 140 million in financing through royalty agreements on products such as VABYSMO®, underscoring its active role in the biotech royalty market.

XOMA Corporation plans to leverage the recent funding from Blue Owl Capital to further enhance its portfolio of royalty and milestone rights. The acquisition enables Ligand to expand its royalty portfolio to more than 200 assets, add seven commercial products, and increase exposure to late‑stage and marketed biopharma programs that generate recurring royalty revenue.