LGND
Ligand Pharmaceuticals is a biopharmaceutical royalty aggregator that acquires and structures royalty interests in mid- to late-stage development and commercial products across a broad range of therapeutic areas, generating non-dilutive cash flows from partner-commercialized medicines rather than developing drugs itself. Beyond royalty investments, Ligand operates two infrastructure-light platform technologies, Captisol and NITRICIL, which generate royalties and milestone payments through partner-driven development. The company maintains a portfolio of over 90 commercial and development-stage programs including 12 major commercial-stage royalty assets, deploying capital through flexible structures including royalty purchases, development-stage financing, and acquisitions of companies or assets with embedded royalty rights.