Ligand Pharmaceuticals is a biopharmaceutical royalty company that deploys capital to acquire and create diversified royalty streams from medicines across mid- to late-stage development and commercial products, generating long-duration, non-dilutive cash flows through a lean corporate structure. The company generates revenue primarily from royalties on partner-commercialized products, supplemented by sales of its proprietary Captisol technology—a patent-protected compound that optimizes drug solubility and stability—and contract revenues from license fees and milestone payments. Ligand partners with leading pharmaceutical companies for late-stage development and commercialization while focusing on capital deployment, portfolio construction, and risk management, avoiding the binary outcomes and high infrastructure costs typical of traditional drug development.