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Ligand Pharmaceuticals

Venture debtoperating company · company profile

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.

Stage
Late Stage
Check
$10M – $50M
HQ
Jupiter, US
Instruments
Debt
Last 12 months
3 investments
Tracked investments
6
IPOs
3
Acquisitions
1

Team · 16 people

from the firm's website & curated

Founder 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 companies

Biotech ×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 path

By year:2026 · 22025 · 12017 · 14 dated

Agenusagenusbio.comNASDAQ: AGENAug 2026

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 Therapeuticstravere.comin𝕏NASDAQ: TVTX

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 Therapeuticsvikingtherapeutics.cominNASDAQ: VKTXJun 2017

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

Athiraathira.comDec 2025

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

Zerionzerion.ioin𝕏Jun 2026

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 acquisitions

AgenusNASDAQ: AGENTravere TherapeuticsNASDAQ: TVTXViking TherapeuticsNASDAQ: VKTXXOMA Royaltyacq. by Ligand

Portfolio news

latest coverage across their companies

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.

CompanyOwnedIPO priceAt IPOStake value
Viking Therapeutics31.7%$1.24Apr 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 team

Ligand Pharmaceuticals CEO Todd Davis Explores Catalysts to Drive Biotech Performance

Unboxing Biotech · Todd Davis

Images

Ligand Pharmaceuticals photoLigand Pharmaceuticals photo

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