XOMA Royalty Corporation (XOMA) and Turnstone Biologics Corp. (TSBX) Friday said that they have entered into an agreement to acquire Turnstone by XOMA Royalty for $0.34 per share in cash plus one non-transferable contingent value right (CVR).
As per the deal, XOMA Royalty will commence a tender offer to acquire all outstanding shares of Turnstone by July 11, 2025. Remaining shares not tendered in the offer, other than shares validly subject to appraisal, will be converted into the right to receive the same cash and CVR consideration per share as provided in the tender offer.
Turnstone stock holders holding about 25.2% of shares have signed agreement to tender their shares in the offer. The deal is expected to close in August 2025.
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