Ligand to Buy Santen's Ryjunea for $23 Million
The biopharma royalty aggregator is adding the first approved pharmacological treatment for slowing pediatric myopia in the EU and UK to its expanding royalty book.
Ligand Pharmaceuticals Incorporated (LGND) agreed to acquire Santen Pharmaceutical Co., Ltd.’s Ryjunea® in an asset purchase for a $23 million upfront payment, adding the first and only approved pharmacological treatment in the European Union and the United Kingdom for slowing pediatric myopia to its royalty portfolio.
The Jupiter, Florida-based royalty aggregator said the deal fits its strategy of buying high-value commercial assets rather than building a pipeline. Ryjunea is a stable, clinically validated, and GMP-manufactured option for a chronic condition.
Todd Davis, CEO of Ligand, said the product “represents the type of differentiated asset we look to add to our expanding royalty portfolio.” He said Santen has built a strong ophthalmology presence across Europe and has identified myopia as a key strategic growth area, giving Ligand confidence in the product’s long-term commercial potential.
The $23 million cash consideration is an upfront payment under the asset-purchase structure. The company did not disclose an exchange ratio, a premium, or an expected close date in the release.
Ligand has been scaling its royalty book through both single-asset purchases and a larger combination. In April it agreed to buy XOMA Royalty Corporation for $39.00 a share in cash, a transaction completed in July that added more than 120 commercial, clinical, and preclinical-stage assets and lifted the combined portfolio to more than 200 royalty assets.
That XOMA close is already in the books. The acquisition further diversifies the royalty portfolio across therapeutic areas including ophthalmology, oncology, CNS, and rare diseases, and across stages of development and biopharma partners.
The company continues to expect full-year 2026 royalty revenue of $225 million to $250 million and adjusted earnings of approximately $8.50 to $9.50 a share. Second-quarter royalty revenue was $48.0 million, up 32% year over year, with the increase primarily attributable to Travere Therapeutics’ Filspari, Pelthos Therapeutics’ Zelsuvmi, and Merck’s Ohtuvayre.
Ryjunea sits alongside those commercial contributors as another European ophthalmology royalty. Santen’s European commercial footprint and its focus on myopia as a growth area underpin the asset’s outlook.