Ligand Pharmaceuticals Incorporated is a biopharmaceutical company. It operates as a royalty aggregator, partnering with biopharmaceutical companies to finance and advance late-stage clinical development programs. It owns and manages portfolios of biopharmaceutical royalties, with economic interests in more than 200 development and commercial-stage assets. It funds high-value programs in exchange for long-term economic interests. It also licenses its proprietary technologies, Captisol and NITRICIL, to support drug development and formulation across its global partner network. Its commercial products include Roche's VABYSMO (faricimab-svoa), Servier's OJEMDA (tovorafenib), and Zevra Therapeutics' MIPLYFFA (arimoclomol). Additionally, it includes 14 late-stage development programs, featuring Takeda’s mezagitamab and certain assets from Takeda’s externalized asset portfolio, such as osavampator, volixibat, and OHB-607, along with more than 100 assets in various stages of development.