Nomura Smid Cap Core Fund on Ligand Pharmaceuticals Incorporated
Thesis
Ligand's royalty-driven business model is delivering strong earnings growth and is being broadened through the planned acquisition of XOMA Royalty Corporation. The transaction is expected to add more than 120 commercial, clinical and preclinical-stage assets, diversifying Ligand across therapeutic areas and development stages. The FDA approval of Travere Therapeutics' FILSPARI for FSGS provides an additional catalyst, with FILSPARI already the largest royalty contributor in Ligand's commercial portfolio.
“Ligand’s royalty-driven business model continues to deliver exceptional earnings growth.”