XOMA

XOMA Royalty Corporation is a biotech royalty aggregator that acquires economic rights to future milestone and royalty payments associated with pre-commercial clinical candidates and commercial therapies. Originally founded in 1981 as a traditional biotechnology company, XOMA made a strategic pivot in 2017 to become a royalty aggregator, leveraging its existing portfolio of licensed antibody assets to build a diversified portfolio of milestone and royalty rights. The company provides biotech firms, universities, and inventors with non-dilutive, non-recourse capital in exchange for contractual rights to future royalties. XOMA operates a capital-efficient model where all R&D costs are borne by development partners and has grown to over 120 royalty assets. In April 2026, Ligand Pharmaceuticals announced its intent to acquire XOMA Royalty.