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Ligand通过收购Xoma Royalty恢复对花旗的收购

2026-07-22 03:35

  • Citi has resumed its coverage of Ligand Pharmaceuticals (LGND) with a buy rating saying that its acquisition of XOMA Royalty adds a significant number of late-stage assets as well as a steady royalty stream. 
  • The acquisition, with an equity value of $739M, closed earlier in July. 
  • The bank has a price target of $387 (~32% return based on July 20 close).
  • Analyst Yigal Nochomovitz noted that Ligand could significantly benefit from a contingent value right related to Johnson & Johnson's (JNJ) Tremfya (guselkumab) once ongoing litigation is resolved.
  • He added that Ligand will also gain from Xoma's key commercial drivers, Roche (RHHBY) unit Genentech's Vabysmo (faricimab), Day One Biopharmaceuticals' Ojemda (tovorafenib), and Zevra Therapeutics (ZVRA) Miplyffa (arimoclomol).

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