Corporate ActionJun 12, 2026, 05:26 PM
XOMA Royalty to Redeem Preferred Stock; Merger Closing Expected July 14
AI Summary
XOMA Royalty Corporation announced that the acquisition of XOMA Royalty Holdings by Ligand Pharmaceuticals is expected to close on or about July 14, 2026. In connection with this merger, the company will redeem all outstanding shares of its 8.625% Series A and 8.375% Series B Cumulative Perpetual Preferred Stock on July 14, 2026, at $25.00 per share/depositary share plus accrued dividends. Additionally, XOMA Royalty declared quarterly cash dividends for both Series A ($0.53906 per share) and Series B ($0.52344 per depositary share) Preferred Stock, payable around July 15, 2026. The record date for the distribution of Contingent Value Rights (CVRs) to common stockholders was set for July 13, 2026.
Key Highlights
- Acquisition of XOMA Royalty Holdings by Ligand Pharmaceuticals expected to close on or about July 14, 2026.
- XOMA Royalty will redeem all outstanding Series A and Series B Preferred Stock on July 14, 2026.
- Redemption price for Series A and Series B Preferred Stock is $25.00 per share/depositary share, plus accrued dividends.
- 984,000 shares of Series A Preferred Stock and 1,760,500 depositary shares of Series B Preferred Stock are outstanding.
- Quarterly cash dividend of $0.53906 per Series A share and $0.52344 per Series B depositary share declared.
- Preferred Share dividends will be paid on or about July 15, 2026, to holders of record on July 2, 2026.
- Record date for Contingent Value Rights (CVRs) distribution set at July 13, 2026, 5:00 p.m. ET.
Price Impact
More from XOMA