---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-181840"
form_type: "8-K"
ticker: "XOMA"
cik: "0000791908"
company_name: "XOMA Royalty Corp"
filed_at: "2025-08-15T23:59:59+00:00"
generated_at: "2026-05-17T12:40:44.339753+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# XOMA completes acquisition of Turnstone Biologics for $0.34 cash plus CVR per share

## Summary
- XOMA accepted 17,192,002 shares (~74% of outstanding) at $0.34 plus one CVR per share.
- Merger completed under Section 251(h) of DGCL; no stockholder vote held.
- Outstanding shares not tendered converted to $0.34 and one CVR; options cancelled for no consideration.
- CVR Agreement dated Aug 11, 2025, with Broadridge as rights agent.

## SEC filing metadata
- accession: 0001193125-25-181840
- form_type: 8-K
- ticker: XOMA
- cik: 0000791908
- company_name: XOMA Royalty Corp
- filed_at: 2025-08-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/791908/000119312525181840/0001193125-25-181840-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/791908/000119312525181840/d41745d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-181840
- JSON: https://secwatch.observer/filing/0001193125-25-181840.json
- Plain text: https://secwatch.observer/filing/0001193125-25-181840.txt

## Key facts
- M&A Transactions
  XOMA Royalty Corp completed an acquisition involving Turnstone Biologics Corp. for $0.34 per share plus one non-transferable contractual contingent value right (closed 2025-08-11).
  - Action: acquisition
  - Counterparty: Turnstone Biologics Corp.
  - Consideration: $0.34 per share plus one non-transferable contractual contingent value right
  - Closing: 2025-08-11
  source text: 2025, XOMA completed a tender offer to purchase all of Turnstone’s outstanding shares of common stock, par value $0.001 per share (the “ Shares ”), for a price per Share of (i) $0.34 (the “ Cash Amount ”), payable subject to any applicable tax withholding and without interest, plus (ii) one non-transferable contractual contingent value right (“ CVR ”), which
  evidence_url: https://www.sec.gov/Archives/edgar/data/791908/000119312525181840/0001193125-25-181840-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.