XOMA

What XOMA does

XOMA Royalty Corporation is a Nasdaq-listed biotech royalty aggregator that acquires the future economic rights - specifically milestone and royalty payment streams - associated with pre-commercial and commercial therapeutic candidates developed by other pharmaceutical and biotechnology companies. Founded in 1981 as a traditional therapeutic-antibody developer, XOMA pivoted to the royalty aggregator model in 2017 and now operates from Emeryville, California with 51-100 employees. Its portfolio spans 120+ assets, including seven commercial products (VABYSMO via Roche, OJEMDA via Day One/Servier, MIPLYFFA via Zevra, XACIATO, IXINITY, DARE to PLAY, and DSUVIA), 14 programs in registrational studies, and a legacy Phage Display Platform available for licensing. The underlying portfolio is highly diversified across therapeutic areas (ophthalmology, pediatric oncology, rare disease, hemophilia, women's health, pain), modalities, and development stages.

XOMA's revenue model is a hybrid of recurring royalty streams, one-time milestone payments, and acquisition-driven gains. In 2025, the company generated $52.1M in total income and revenues (an 83% year-over-year increase), of which $33.6M came from royalties and $16.9M from milestone payments. The company supplements this organic cash flow with non-dilutive, non-recourse royalty-backed financing - notably a $140M facility from Blue Owl Capital collateralized by VABYSMO royalties - which it uses to fund share repurchases and further royalty acquisitions. Over 2024-2026 XOMA completed multiple corporate acquisitions (Kinnate, Turnstone, HilleVax, LAVA Therapeutics, Mural Oncology, Pulmokine, Generation Bio) to harvest platform technologies, clinical assets, and additional royalty streams, executing a roll-up strategy that has expanded the asset base and pushed EBITDA positive. As of April 2026, XOMA is subject to a pending acquisition by Ligand Pharmaceuticals for $739M ($39.00 per share) plus CVRs tied to Janssen litigation proceeds, expected to close in Q3 2026.

Name

XOMA

Legal name

XOMA Royalty Corporation

Website

https://xoma.com

Company type

Public

Founded year

1981

Operating status

Operating

Headcount range

51–100 employees

Short description

XOMA Royalty is a Nasdaq-listed biotech royalty aggregator that acquires future milestone and royalty rights on pre-commercial and commercial drug candidates developed by other companies, serving biotech and pharma partners with non-dilutive, non-recourse capital in exchange for economic rights to those assets.

Ownership category

akta.pro rank

Product category

Biotech Royalty Aggregation

NAICS

Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) (5331), Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) (53311), Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) (533)

SIC

Patent Owners & Lessors (6794)

akta.pro primary industry

Royalty Analytics, Forecasting & Valuation Services (MPAIAKAG)

akta.pro secondary industries

Royalty Auditing, Compliance & Anti-Piracy/Enforcement (MPAIAKAE), Global Rights Representation & Sub-Publishing/Reciprocal Collection Services (MPAIAKAI)

Keywords

• Biotech royalty aggregation
• Non-dilutive financing
• Milestone payments
• Pharmaceutical royalties
• Biotech capital solutions

Headquarters

HQ city

Emeryville

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Royalty Payments: XOMA receives ongoing royalty payments from commercialized products including VABYSMO (faricimab), OJEMDA (tovorafenib), MIPLYFFA (arimoclomol), and other commercial assets. Royalties are generated when partner products are sold commercially.
2. Milestone Payments: One-time payments triggered by clinical, regulatory, and commercial milestones such as FDA approvals, clinical trial completions, and product launches. In 2025, XOMA received $16.9 million in milestone payments.
3. Financing Income: Non-dilutive, royalty-backed financing arrangements where XOMA provides capital in exchange for future royalty and milestone rights. Secured $140 million from Blue Owl Capital using VABYSMO royalties as collateral.
4. Acquisition Returns: XOMA acquires distressed biotech companies (Kinnate, LAVA Therapeutics, Generation Bio, Mural Oncology, Turnstone, HilleVax) and monetizes their assets, platforms, and royalty streams.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

XOMA Royalty acquires the future milestone and royalty payment rights associated with pre-commercial and commercial therapeutic candidates developed by pharmaceutical and biotech companies. In exchange for these economic rights, XOMA provides sellers with non-dilutive, non-recourse funding to advance their internal drug candidates. The company's portfolio spans 120+ assets including seven commercial products (VABYSMO, OJEMDA, MIPLYFFA, XACIATO, IXINITY, DARE to PLAY, DSUVIA) and 14 programs in registrational studies.

Product overview

XOMA Royalty Corporation operates as a biotech royalty aggregator that acquires future milestone and royalty payment rights associated with pre-commercial and commercial therapeutic candidates from pharmaceutical and biotech companies. The company's portfolio consists of seven commercial royalty-generating assets (VABYSMO, OJEMDA, MIPLYFFA, XACIATO, IXINITY, DARE to PLAY, and DSUVIA) plus a legacy Phage Display Platform available for licensing. XOMA provides non-dilutive, non-recourse capital to biotech companies in exchange for economic rights to their drug candidates, functioning as a financial intermediary in the biopharmaceutical ecosystem rather than as a drug developer itself.

Differentiator

Problem solved

Functional benefit

Products and services

• Royalty Acquisition Services
• Phage Display Platform (Licensable Technology)

Quantifiable outcome

• Achieved $50.5 million in cash receipts in 2025, including $33.6 million in royalties
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Six partnerships are on record, tiered core.

• Ligand PharmaceuticalscoreStrategic or Co-development Partner · 27 April 2026Ligand agreed to acquire XOMA Royalty for $739 million ($39 per share) plus CVRs tied to Janssen litigation proceeds. The acquisition will expand Ligand's portfolio to over 200 assets and add seven commercial products. Expected to close Q3 2026 pending stockholder and regulatory approvals.
• TakedacoreTechnology or IntegrationStrategic royalty sharing transaction involving nine development-stage assets. XOMA receives low to mid-single-digit royalties and milestones across programs including osavampator (Neurocrine), volixibat (Mirum), OHB-607, and five early-stage Oak Hill Bio assets. XOMA retains low single-digit royalty on mezagitamab with up to $13 million in milestones.
• NovartiscoreTechnology or IntegrationXOMA's licensed anti-TGFβ monoclonal antibody NIS793 advanced to Phase 3 clinical trials for metastatic pancreatic cancer, triggering a $35 million milestone payment. XOMA is eligible for additional milestone payments and royalties based on future regulatory approval.
• RochecoreTechnology or IntegrationXOMA holds royalty rights to VABYSMO (faricimab-svoa), a commercial product for ophthalmology developed by Roche. This is one of XOMA's key commercial revenue generators.
• Day One PharmaceuticalscoreTechnology or IntegrationXOMA holds royalty rights to OJEMDA (tovorafenib), approved for pediatric oncology. Day One was acquired by Servier in March 2026 for approximately $2.5 billion.
• Zevra TherapeuticscoreTechnology or IntegrationXOMA holds royalty rights to MIPLYFFA (arimoclomol) for Niemann-Pick disease type C. EMA is reviewing the marketing authorization application.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Ligand Pharmaceuticals: Biopharma royalty aggregator with a portfolio of 200+ assets and multiple commercial royalty streams. Direct comparable in business model — Ligand is acquiring XOMA at $739M, explicitly citing it as a peer with a complementary portfolio of pre-commercial and commercial royalties.
• SWK Holdings: Specialty finance company focused on life sciences, providing structured debt and royalty financing to pharma/biotech. Comparable buyer of royalty streams and provider of non-dilutive capital to biotechs.
• HealthCare Royalty Partners (HCR): Private equity-style buyer of biopharma royalties and milestones. Closest direct competitor to XOMA in acquiring pre-commercial and commercial royalty streams from biotechs seeking non-dilutive capital.
• DRI Healthcare Trust: Publicly traded (TSX: DHT.UN) trust that acquires biopharma royalty and milestone payment streams. Directly comparable capital-pooling royalty aggregator structure, though typically focused on later-stage commercial assets than XOMA's pre-commercial skew.
• Innoviva: Healthcare holding company whose core value is built on royalty interests in marketed drugs (historically from GlaxoSmithKline's respiratory franchise). Closest public-market analog to XOMA's pure royalty aggregator structure with diversified assets.
• Assertio Holdings: Specialty pharmaceutical company that has shifted toward acquiring and royalty-monetizing drug assets. Operates a hybrid model where royalty streams and asset acquisitions are central to value creation, similar to XOMA's playbook.

Broad incumbents

• Halozyme Therapeutics: Biotech with a substantial royalty/collaboration revenue stream from its ENHANZE platform licensed to multiple pharma partners. Overlaps with XOMA in generating licensing/royalty revenue from partnered assets, though Halozyme also develops its own products.
• OrbiMed: Large healthcare investment firm that, among other strategies, invests in biopharma royalties and structured financing. Overlap with XOMA in providing non-dilutive capital to biotech, though OrbiMed is primarily a broader healthcare PE/VC platform.
• Royalty Pharma: The largest dedicated biopharma royalty buyer (Nasdaq: RPRX), acquiring royalty interests in marketed and late-stage therapeutics. Same core business model as XOMA but at much greater scale, providing benchmark transaction multiples and competitive deal flow in biopharma royalties.

Others

• PGI Polymer (formerly known as Plurilock) / AzurRx BioPharma peers: Various small-cap specialty pharma and asset-acquisition vehicles that illustrate the broader universe of distressed biotech acquirers and IP/royalty monetizers operating in the same ecosystem as XOMA's acquisition targets.

Market position

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/xomacorp
• LinkedInlinkedin.com/company/xoma

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries8 records

Funding overview

Funding rounds6 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about XOMA