AllianceXPartners

On 14 July 2026, Ligand announced the acquisition of XOMA Royalty, more than doubling Ligand’s book to over 200 royalty and milestone assets in a single transaction — one of the largest deals in the royalty-aggregation space this year. For anyone building a royalty-aggregation platform, this is the comparable that matters.

The lesson isn’t just the size of the deal — it’s the logic. A diversified book of biopharma royalties, assembled at a discount to its eventual strategic value, is exactly the kind of asset a larger aggregator will pay a premium to own outright rather than build organically. Royalty Pharma, Ligand and XOMA Royalty have each, in different ways, proven out this same end-state.

AllianceXPartners is built around reaching that same end-state through a different door: instead of buying existing royalty streams on the open market, we create new ones by funding the confirmatory trials that unlock stranded, late-stage biotech assets. Read more about the comparison on our For Investors page.