Ligand Pharmaceuticals Incorporated · NASDAQ:LGND
Ligand Pharmaceuticals — Merger or Acquisition (April 2026)
24 slides from Ligand Pharmaceuticals's merger presentation, Apr 27, 2026
Slide 1: Ligand Acquisition of XOMA Royalty Corporation
A PRI L 27, 2026 Ligand Acquisition of XOMA Royalty Corporation
Slide 2: Safe Harbor Statement & Disclaimers
Safe Harbor Statement & Disclaimers Forward LookingStatements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties, including information about, among other topics, Ligand’s
Slide 3: Safe Harbor Statement & Disclaimers (Continued)
Safe Harbor Statement & Disclaimers (Continued) will be mailed to XOMA Royalty’s stockholders in connection with the proposed acquisition. This presentation is not a substitute for the proxy statement or any other document that may be filed by XOMA Royalty with the SEC. BEFORE MAKING ANY VOTING DECIS
Slide 4: Transaction Overview & Strategic Rationale
Transaction Overview & Strategic Rationale Todd Davis
Slide 5: Transaction Overview
Transaction Overview Ligand announces acquisition of XOMA Royalty Corporation, significantly expanding Ligand’s royalty portfolio and accelerating near and long- term growth • $39 per share in cash + one non-tradeable contingent value right (CVR) related to certain pending litigation at XOMA Royalty
Slide 6: XOMA Background
XOMA Background 1981 - 2017 2025 Financial Results Founded and operated as a fully integrated biotechnology company for over 35 years Total Revenue +$52M 2017 Executed a strategic pivot to become a biotech royalty aggregator Total Cash Receipts +$50M 2017 – Today Since 2017, XOMA has deployed >$200M
Slide 7: XOMA Portfolio & Financial Growth
XOMA Portfolio & Financial Growth XOMA has more than doubled the size of its royalty portfolio in the last three years, adding immediately accretive assets and a well-diversified pipeline across development stages and therapeutic categories + 2023 2025 PORTFOLIO Commercial Programs 1 7 Phase 3 / Regi
Slide 8: Acquisition Strategic Rationale
Acquisition Strategic Rationale Immediately Accretive Diversification of Significant IP and Strategic Synergies Transaction is Portfolio Royalty Rights Improved access to capital immediately accretive, 7 new royalty generating Long dated royalties, some and BD opportunities; expected to add ~$0.50 ass
Slide 9: Ligand + XOMA
Ligand + XOMA • Immediately accretive acquisition expected to add ~$0.50 of adjusted EPS in FINANCIAL Strong financial performance 20261 and ~$1.50 in 20272 • Financial synergies through elimination of duplicative public company costs • Acquisition strengthens our position as a Biopharma Royalty Aggr
Slide 10: Financials
” Financials Tavo Espinoza LIGAND
Slide 11: 2026 Revised Financial Guidance
2026 Revised Financial Guidance Ligand’s acquisition of XOMA is immediately accretive in 2026. Revised financial guidance assumes transaction closes in Q3 2026 Royalty Revenue Total Revenue $225 - 250M $270 - 310M Previously ($200 - $225M) (Previously $245 - $285M) Adding: Ojemda, Vabysmo and Miplyff
Slide 12: 2026 Revised Financial Guidance
2026 Revised Financial Guidance Assuming transaction closes in Q3’26 2026 Initial Revised 2026 XOMA Guidance Guidance Total Revenue $245 − 285M $25M $270 − 310M • Total Revenue expected to increase by ~$25M COGS $13 − 15M - $13 − 15M • Core Cash OpEx reflects anticipated incremental operating cost wh
Slide 13: 5-Year Outlook To Be Updated In December
5−Year Outlook To Be Updated In December Positive developments which are expected to drive an Ligand Expected Royalty Receipts1 increase to the long- term outlook include: Acquisition of XOMA is immediately accretive and is expected to drive Potential Incremental Growth To Be significant growth Share
Slide 14: Portfolio
” Portfolio Lauren Hay LIGAND
Slide 15: 2026 Portfolio Product Potential Catalysts
2026 Portfolio Product Potential Catalysts Clinical Regulatory and Commercial Volixibat1 Phase 2b registrational readout in Q2 Q2 Commercial launch in FSGS primary sclerosing cholangitis Qtorin rapamycin initiation of Phase 2 NDA submission of efdoralprin alfa Q2 Q3 clinically significant angiokerato
Slide 16: Pro Forma Royalty Portfolio – Key Programs
Pro Forma Royalty Portfolio – Key Programs From Ligand From XOMA Commercial DARE to PLAY Sildenafil Cream Lasofoxifene QTORIN Rapamycin AVIM Therapy Ersodetug Undisclosed Seralutinib Rilvegostomig Phase 3 LeonaBio Palvella Orchestra Rezolute Anti-TL1A Gossamer Bio/Chiesi AstraZeneca D- Fi Castle Cree
Slide 17: Key XOMA Commercial Partnered Programs
Key XOMA Commercial Partnered Programs 7 Commercial Royalties, 3 Near-Term Growth Drivers Marketer(s) Program Indication(s) Royalty Rate Wet AMD, DME, RVO 0.5% r/rpLGG Mid-single digit Niemann-Pick Disease Type C Mid-single digit Hemophilia B Mid-single digit Bacterial Vaginosis Low to high-single d
Slide 18: Key XOMA Pipeline Partnered Programs
Key XOMA Pipeline Partnered Programs Developer(s) Program Indication(s) Phase Royalty Rate Frontline Pediatric Ojemda Phase 3 Mid-single digit Low-Grade Glioma IgA Nephropathy Mezagitamab Phase 3 Low to mid-single digit Immune Thrombocytopenia Osavampator1 Major Depressive Disorder Phase 3 Low to mi
Slide 19: Potential Near-Term Growth Drivers: Vabysmo
Potential Near-Term Growth Drivers: Vabysmo • First approved bispecific antibody inhibiting both VEGF-A and Ang-2, reducing vascular leakage, neovascularization, and inflammation more than VEGF-only agents Product Value • Delivering value to patients affected by wet age-related macular degeneration, P
Slide 20: Potential Near-Term Growth Drivers: Ojemda
Potential Near-Term Growth Drivers: Ojemda Launched: Relapsed or Progressive Pediatric Low-Grade Glioma (r/rpLGG) • First targeted therapy demonstrating clinically meaningful tumor shrinkage and durable responses in relapsed/refractory BRAF fusion/rearrangement and V600−mutated pLGG Product Value Ph
Slide 21: Potential Near-Term Growth Drivers: Osavampator
Potential Near-Term Growth Drivers: Osavampator • Potential first-in-class AMPA-PAM, offering oral convenience with strong safety relative to prior agonists, positioning it well in the MDD adjunctive market Product Value • Strong efficacy and safety profile from Phase 2 studies Proposition • Robust de
Slide 22: Thank You
” Thank You
Slide 23: Appendix
LIGAND a Appendix Biopharma’s Technology and Capital Partner 97072 ‘47 11UdV
Slide 24: Non-GAAP Reconciliation – 2026 Revised Guidance
Non-GAAP Reconciliation – 2026 Revised Guidance 24 1 Amounts represent management’s best estimate and are subject to change based on actual results; 2 See schedule of Amortization of Financial royalty assets by product; 3Income tax rate of ~21.5% represents managements best estimate and is subject t
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