A diversified royalty portfolio built for long-term growth.

Ligand manages one of the largest and most diverse portfolios of biopharmaceutical royalties in the industry, with more than 200 commercial, clinical, and preclinical-stage assets, including more than 40 marketed products and a broad pipeline of late-stage development programs.

The portfolio spans multiple therapeutic areas, development stages, modalities, and partners, creating diversified exposure to innovative medicines that improve and extend lives worldwide.

Portfolio by the Numbers

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All figures as of July 14, 2026, unless otherwise indicated.

Key Commercial Partnered Programs

Product	Partner	Therapy Area	Indication	Stage	Royalty Rate
CAPVAXIVE®	Merck	Infectious Disease	Pneumococcal Disease	Marketed	Low-single-digit
FILSPARI®	Travere/Chugai/CSL Vifor	Rare Disease	IgA Nephropathy; Focal segmental glomerulosclerosis	Marketed	9%
KYPROLIS®	Amgen/BeOne/Ono	Oncology	Relapsed / Refractory Multiple Myeloma	Marketed	1.5-3%
MIPLYFFA®	Zevra	Rare Disease	Niemann-Pick Type C	Marketed	Mid-single-digit
NEXTERONE®	Baxter	Cardiology	Ventricular Fibrillation	Marketed	Undisclosed
OHTUVAYRE™	Merck	Pulmonology	Chronic Obstructive Pulmonary Disease	Marketed	3%
OJEMDA™	Servier/Ipsen	Rare Oncology	Relapsed / Refractory Pediatric Low-Grade Glioma	Marketed	Mid-single-digit
PNEUMOSIL®	Serum Institute of India	Infectious Disease	Pneumococcal Disease	Marketed	Low-single-digit
QARZIBA®	Recordati	Rare Oncology	High-Risk Neuroblastoma	Marketed	Tiered mid-teens
RYLAZE®	Jazz	Rare Oncology	Acute Lymphoblastic Leukemia	Marketed	Low-single-digit
Teriparatide Injection	Alvogen	Endocrinology	Osteoporosis	Marketed	25–50% profit share
VABYSMO®	Roche	Ophthalmology	Wet AMD, Diabetic Macular Edema	Marketed	0.50%
VAXNEUVANCE™	Merck	Infectious Disease	Pneumococcal Disease	Marketed	Low-single-digit
ZELSUVMI™	Pelthos	Infectious Disease	Molluscum Contagiosum	Marketed	13%
TZIELD®	Sanofi	Endocrinology	Type-1 Diabetes	Marketed	Less than 1%

Key Pipeline Partnered Programs

Product	Partner	Therapy Area	Indication	Stage	Royalty Rate
QTORIN™ Rapamycin 3.9%	Palvella	Rare Disease	Microcystic Lymphatic Malformations	NDA	8-9.8%
AVIM Therapy	Orchestra BioMed	Cardiology	Hypertension	Pivotal	High teens <$100M; Mid-single-digit >$100M
Virtue SAB	Orchestra BioMed	Cardiology	Coronary In-Stent Restenosis (ISR)	Pivotal	High teens <$100M; Mid-single-digit >$100M
BOT/BAL	Agenus	Oncology	Neoadjuvant Microsatellite Stable (MSS) Colon Cancer (Stage II/III)	Phase 3 (Planned)	2.625%
BOT/BAL	Agenus	Oncology	Relapsed / Refractory Microsatellite Stable Colorectal Cancer No Liver Mets (r/r MSS CRC NLM)	Phase 3 (Planned Discontinuation)	2.625%
Cetrelimab (JNJ-63723283)	Johnson & Johnson	Oncology	Bladder Cancer	Phase 3	0.75%
D-Fi	Castle Creek	Rare Disease	Dystrophic Epidermolysis Bullosa	Phase 3	Mid-single-digit
Ersodetug (RZ358)	Rezolute	Rare Disease	Congenital Hyperinsulinism; Tumor Hyperinsulinism	Phase 3	High-single-digit to mid-teens
Ficlatuzumab (AV-299)	Aveo Oncology (an LG Chem Company)	Oncology	Head and Neck Squamous Cell Carcinoma	Phase 3	Low-single-digit
Lasofoxifene	LeonaBio	Oncology	Metastatic / Locally Advanced ER+/HER-2- Breast Cancer	Phase 3	Tiered 6-10%
Mezagitamab (TAK-079)	Takeda	Rare Disease	Primary Immune Thrombocytopenia; IgA Nephropathy	Phase 3	Low-single-digit
Osavampator	Japan: Takeda ; Takeda partner outside of Japan	Neurology	Major Depressive Disorder	Phase 3	Low- to mid-single-digit
Rilvegostomig (AZD2936)	AstraZeneca	Oncology	Solid Tumors	Phase 3	Undisclosed
Undisclosed Anti-TL1A	Undisclosed	Gastroenterology	Ulcerative Colitis/Crohn's Disease	Phase 3	Low-single-digit
OHB-607	Oak Hill Bio/Chiesi	Neonatology	Bronchopulmonary Dysplasia	Phase 2b	Low- to mid-single-digit
VK2809	Viking	Hepatology	Metabolic Dysfunction-Associated Steatohepatitis	Phase 2b	3.5-7.5%
Volixibat	Mirum	Rare Disease	Primary Sclerosing Cholangitis; Primary Bilary Cholangitis	Phase 2b	Low- to mid-single-digit
Ohtuvayre (Ensifentrine)	Merck	Pulmonology	Non-Cystic Fibrosis Bronchiectasis; COPD LAMA Fixed-Dose Combination	Phase 2	Low-single-digit
QTORIN™ Rapamycin 3.9%	Palvella	Rare Disease	Cutaneous Venous Malformations	Phase 2	8-9.8%
QTORIN™ Rapamycin 3.9%	Palvella	Rare Disease	Clinically Significant Angiokeratomas	Phase 2	8-9.8%
Vidutolimod (CMP-001)	Regeneron	Oncology	Melanoma	Phase 2	High-single-digit to low-double-digit
REC-4881	Recursion	Gastroenterology	Familial Adenomatous Polyposis	Phase 1b/2	Low- to mid-single-digit
Qarziba (Dinutuximab)	Recordati	Rare Oncology	Ewing Sarcoma	Phase 1	Tiered mid-teens
VK0214	Viking	Rare Disease	X-Linked Adrenoleukodystrophy (X-ALD)	Phase 1	Undisclosed

Other Partnered Programs

Product	Partner	Therapy Area	Indication	Stage	Royalty Rate
AB002	Aronora	Cardiology	Acute Ischemic Stroke	Phase 2	Low-single-digit
AB023 (gruticibart)	Aronora	Cardiology	Thrombosis	Phase 2	Low-single-digit
ACLX-001	Gilead	Oncology	Multiple Myeloma	Phase 1	Undisclosed
ACLX-002	Gilead	Oncology	Acute Myeloid Leukemia and Myelodysplastic Syndrome	Phase 1	Undisclosed
AFM13	Affimed	Oncology	Relapsed / Refractory Hodgkin Lymphoma	Phase 2	Undisclosed
AFM24	Affimed	Oncology	Solid Tumors	Phase 2	Undisclosed
ANEB-001	Anebulo	Central Nervous System	Acute Cannabinoid Intoxication	Phase 2	Low-single-digit
AT220	Arecor	Autoimmune disease	Undisclosed	Marketed	Undisclosed
BAY-1831865	Aronora	Hematology		Phase 1	Low-single-digit
Ciforadenant (CPI-444)	Corvus	Oncology	Advanced Solid Tumors	Phase 2	Mid-single-digit to low-teens
COM-902	Compugen	Oncology	Solid Tumors	Phase 1	Undisclosed
DARE TO PLAY™	Daré	Women's Health	Female Sexual Arousal Disorder	Marketed	Low-single-digit
DSUVIA® (sufentanil sublingual tablet)	Talphera	Central Nervous System	Acute Pain	Marketed	37.5–75% (DoD)
DUAVEE®	Pfizer	Hormone Therapy	Menopause, Osteoperosis	Marketed	Tiered low-single-digit
Efdoralprin alfa (AT292)	Sanofi	Rare Disease	Alpha-1 Antitrypsin Deficiency (AATD) Emphysema	Pre-Registrational	Technology access fees
Estafenatox	NeoTx	Oncology	Solid Tumors	Phase 2
Frovatriptan	Menarini	Central Nervous System	Migraine	Marketed	Undisclosed
FYCOMPA®	Eisai	Central Nervous System	Seizure Disorders	Marketed	Undisclosed
G03-52-01	National Resilience	Infectious Disease	Botulinum Neurotoxin Neutralizer	Phase 2	15%
GDT-001	Guidant	Oncology	Solid Tumors	Phase 1	Low-single-digit
INCAGN-1876	Agenus	Oncology	Solid Tumors	Phase 2
INCAGN-1949	Agenus	Oncology	Solid Tumors	Phase 1/2
INCAGN-2385	Agenus	Oncology	Solid Tumors	Phase 1
INCAGN-2390	Agenus	Oncology	Solid Tumors	Phase 2
IXINITY®	Medexus	Rare Disease	Hemophilia B	Marketed	Mid-single digit
JNJ-89853413	Johnson & Johnson	Oncology	Relapsed / Refractory Acute Myeloid Leukemia	Phase 1	Low-single-digit
KIN-3248	Khora	Oncology	Solid Tumors	Phase 1	None
Lasix® ONYU	SQ Innovation	Cardiology	Congestive Heart Failure	Marketed	Low-single-digit
LFD-200	Lifordi	Immunology	Rheumatoid Arthritis	Phase 1	0.75%
MB07133	Xi'an Xintong	Oncology	Hepatocellular Carcinoma	Phase 2	6%
MEKINIST®	Novartis	Oncology	Melanoma, Pediatric Low-Grade Glioma	Marketed	Low-single-digit
MenFive®	Serum Institute of India	Infectious Disease	Meningococcal Vaccine	Marketed	Low-single-digit
Naptumomab	NeoTx	Oncology	Solid Tumors	Phase 2	Low-single-digit
OHB-101	Oak Hill Bio	Immunology	Immune Thrombocytopenia	Phase 2	Mid-single- to low-double-digit
Ovaprene®	Daré	Women's Health	Contraceptive	Phase 3	Low-single-digit
PBF-1129	Palobiofarma	Pulmonology	Idiopathic Pulmonary Fibrosis	Phase 1/1b	Low-single-digit
PBF-1650	Palobiofarma	Immunology	Auto-immune Disease	Phase 1	Low-single-digit
PBF-677	Palobiofarma	Gastroenterology	Eosinophilic Diseases	Phase 1	Low-single-digit
PBF-680	Palobiofarma	Pulmonology	Eosinophilic Diseases	Phase 2	Low-single-digit
PBF-999	Palobiofarma	Rare Disease	Prader-Willi Syndrome	Phase 2	Low-single-digit
PF-08046052	Pfizer	Oncology	Solid Tumors	Phase 1	Low-single-digit
Posaconazole	Par	Infectious Disease	Antifungal	Marketed	Undisclosed
RZ-402	Rezolute	Ophthalmology	Diabetic Macular Edema	Phase 2	Low-single-digit
Seralutinib	Gossamer Bio & Chiesi	Cardiology	Pulmonary Arterial Hypertension; Pulmonary Hypertension Associated with ILD	Phase 3	Low- to mid-single-digit, net
SESQUIENT	Lupin	Central Nervous System	Seizure Disorders	Marketed	Undisclosed
Topiramate Injection	CURx	Central Nervous System	Seizure Disorders	NDA	Mid-single-digit
V118	Merck	Infectious Disease	Pneumococcal Disease	Phase 1	Undisclosed
Various programs	Elutia	Cardiology	Medical Device (Cardiology)	Marketed	Low-single-digit
VEKLURY®	Gilead	Infectious Disease	COVID-19	Marketed	Material sales only
VK5211	Viking	Musculoskeletal Disorder	Hip Fracture	Phase 2	7.25-9.25%
XACIATO™	Organon	Women's Health	Bacterial Vaginosis	Marketed	Low-single-digit to high-single-digit
XEPI®	Pelthos	Infectious Disease	Impetigo	Pre-launch	2.5%
Xinshumu	Xi'an Xintong	Infectious Disease	Chronic Hepatitis B	Marketed	9%

Note: The portfolio listed above includes only disclosable programs. Information regarding partnered products and programs comes from information publicly released by our partners.