Jupiter · Late Stage · 16 people tracked
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Investment thesis
Ligand functions as a royalty aggregator, partnering with biopharmaceutical companies to provide strategic capital that finances and advances late-stage clinical development programs. It holds one of the largest and most diverse portfolios of biopharmaceutical royalties in the industry, spanning more than 200 commercial, clinical, and preclinical-stage programs across multiple therapeutic areas, development stages, modalities, and partners. This approach creates diversified exposure to innovative medicines intended to improve and extend lives worldwide, generating returns through royalty streams on marketed and developing products.
Source: firm website, verified Sep 27, 2026.
Team · 16 people
from the firm's website & curatedFounder mafia
3 people who came through Ligand Pharmaceuticals went on to found or lead other companies.
What they invest in
from 5 of 6 portfolio companiesBiotech ×4Healthtech ×3Crypto & Web3 ×1Data & Infrastructure ×1Digital Health ×1Fintech ×1Longevity ×1Medical Devices ×1
HQs:United States×4
Investments · 6 tracked
founders shown can be your intro pathBy year:2026 · 22025 · 12017 · 14 dated
Agenus is a biotechnology company developing cancer immunotherapies, including its lead investigational combination of botensilimab (an anti-CTLA-4 antibody) and balstilimab (a PD-1 inhibitor), known as BOT+BAL.
BiotechHealthtechLexington, US
Garo Armen(Chairman & CEO, Co-founder)Ozer Baysal(Executive Officer)Robert Stein(Executive Officer)Christine Klaskin(Executive Officer)inKaren Valentine(Executive Officer)Steven O'Day(Chief Medical Officer)in
Co-investorsAdvent Life SciencesGrazia Equity GmbHHEALTHCARE ROYALTY PARTNERSOberland CapitalCommodore CapitalInvus+1 more
Travere Therapeutics develops and delivers therapies for rare kidney and metabolic diseases, with a pipeline including potential first-in-class treatments for conditions such as classical homocystinuria and immune-mediated rare kidney diseases.
BiotechDigital HealthHealthtechMedical Devices
Eric Dube(Chief Executive Officer and Director)in
Viking Therapeutics is a clinical-stage biopharmaceutical company developing therapies in areas such as metabolic and endocrine disorders.
BiotechHealthtechLongevitySan Diego, US
Brian Lian(President, CEO & Director (Founder))inMichael Morneau(Chief Financial Officer)Dr. Lian(President & Chief Executive Officer, Director)Stephen W. Webster(Director)Matthew W. Foehr(Director)
BoardJ. Matthew Singleton(Director)
Co-investorsAvoro Capital Advisors
A biotechnology company developing new therapies for patients with high unmet medical needs.
Biotech
Co-investorsDolby Family VenturesLifeSci Venture PartnersSofinnova VenturesThe W FundCommodore CapitalFranklin Templeton+5 more
Zerion is a self-custodial, multichain wallet and data platform that aggregates assets and positions across 58+ blockchains in real time, offering swap routing, trading, and an API for wallet data access.
Crypto & Web3Data & InfrastructureFintechSan Francisco, US
Evgeny Yurtaev(Founder & CEO)inAlex Bashlykov(Director)in
BoardToby Coppel(Director)inVadim Koleoshkin(Director)inBrad Burnham(Director)in
Co-investorsAlliance DAO (ex DeFi Alliance)BitDAOBlockchain CoinvestorsDigital Currency GroupG1 VenturesLightspeed Venture Partners+17 more
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
XOMA Royalty
Exits · 4
3 IPOs · 1 acquisitionsAgenusNASDAQ: AGENTravere TherapeuticsNASDAQ: TVTXViking TherapeuticsNASDAQ: VKTXXOMA Royaltyacq. by Ligand
Portfolio news
latest coverage across their companiesAgenus · simplywall.st · Aug 15, 2026
Athira · geekwire.com · Dec 18, 2025
IPO stake values · per SEC filings
Value of this firm's stake in each portfolio company at its IPO price, from the prospectus principal-stockholder table.
| Company | Owned | IPO price | At IPO | Stake value |
|---|---|---|---|---|
| Viking Therapeutics | 31.7% | $1.24 | Apr 2016 | $7.1M |
Source: SEC S-1 / 424B prospectus filings. Stake value = shares beneficially owned × the initial public offering price, as disclosed — a market value at IPO, not a return multiple (the firm's original cost is not disclosed).
Frequently asked questions
- How many investments has Ligand Pharmaceuticals made?
- Ligand Pharmaceuticals has 6 tracked investments, 4 of which have exited, including 3 dated in the last 24 months.
- What stage does Ligand Pharmaceuticals invest at?
- Ligand Pharmaceuticals invests at the Late Stage stage.
- What is Ligand Pharmaceuticals's typical check size?
- Ligand Pharmaceuticals typically writes checks of $10M – $50M.
- What sectors does Ligand Pharmaceuticals focus on?
- Ligand Pharmaceuticals focuses on Biotech, Digital Health, Healthtech.
- Where is Ligand Pharmaceuticals located?
- Ligand Pharmaceuticals is headquartered in Jupiter, US.
Media · Podcasts & interviews
featuring the teamLigand Pharmaceuticals CEO Todd Davis Explores Catalysts to Drive Biotech Performance
Unboxing Biotech · Todd Davis
Images
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