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The biotech industry destroys billions in shareholder value every year - failed trials, depleted cash, and abandoned pipelines leaving investors with nothing. Last year alone, over 100 publicly traded biotechs traded below the value of their cash - sitting on drug royalty rights that most investors had written off entirely.
XOMA Royalty saw the opportunity. By systematically acquiring these distressed companies and their royalty streams, XOMA has built a portfolio of over 120 assets - generating $50M+ in annual receipts with a 68% surge in royalty revenue in 2025.
- In 2025, XOMA completed seven acquisitions and 11 notable transactions overall, including LAVA Therapeutics, HilleVax, and Turnstone Biologics - with Generation Bio announced in December 2025 and closing in early 2026
- Their portfolio includes blockbuster royalties on Ojemda (projected $231M in 2026 sales) and Miplyffa (projected $130M in 2026 sales)
At JPM 2026, Onyx sat down with Chief Investment Officer Brad Sitko to find out more.
I hope you enjoy watching!
Yours sincerely,
Dr. Adil Ali
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