$740M Takeover: Ligand to Acquire Xoma Royalty at $39/Share, 2.9% Premium
Summary
Ligand Pharmaceuticals is reportedly set to acquire Xoma Royalty for approximately $740 million, or $39 per share in cash, according to The Wall Street Journal. This proposed all-cash deal represents a 2.9% premium to Xoma's closing price on Friday. The acquisition, which could be announced as early as today, is a highly material event for Xoma Royalty, offering shareholders a premium exit and fundamentally changing the company's future. For Ligand, this represents a significant expansion of its drug royalty assets. Traders will be closely monitoring for the official announcement and any further details regarding the transaction.
At the time of this announcement, XOMA was trading at $39.00 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $451.6M. The 52-week trading range was $22.29 to $40.74. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.