---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-205570"
form_type: "8-K"
ticker: null
cik: "0001888012"
company_name: "HilleVax, Inc."
filed_at: "2025-09-17T23:59:59+00:00"
generated_at: "2026-05-17T06:23:33.682538+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# HilleVax acquired by XOMA Royalty for $1.95/share plus CVR; delisted from Nasdaq

## Summary
- 39,214,689 shares (77.48% of outstanding) validly tendered; minimum condition satisfied.
- Shareholders receive $1.95 cash per share plus one non-transferable CVR for future payments.
- CVR entitles holders to 90% of net proceeds from Legacy Assets (HIL-216, Kangh License) and net cash adjustments.
- All directors and officers (CEO Hershberg, CFO Maltbie) ceased; Merger Sub directors and officers assumed roles.
- Nasdaq delisting effective Sept 17, 2025; Form 15 to be filed to deregister shares.

## SEC filing metadata
- accession: 0001193125-25-205570
- form_type: 8-K
- cik: 0001888012
- company_name: HilleVax, Inc.
- filed_at: 2025-09-17T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 2.01, 3.01, 3.03, 5.01, 5.02, 5.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1888012/000119312525205570/0001193125-25-205570-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1888012/000119312525205570/d91297d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-205570
- JSON: https://secwatch.observer/filing/0001193125-25-205570.json
- Plain text: https://secwatch.observer/filing/0001193125-25-205570.txt

## Key facts
- Governance Changes
  HilleVax, Inc.: Certificate of incorporation amended and restated in its entirety in connection with merger (effective 2025-09-17).
  - Change: charter amendment
  - Effective: 2025-09-17
  source text: on September 17, 2025, the Company’s certificate of incorporation and bylaws were each amended and restated in their entirety and became the certificate of incorporation and bylaws of the Surviving Corporation.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1888012/000119312525205570/0001193125-25-205570-index.htm
- Governance Changes
  HilleVax, Inc.: Bylaws amended and restated in their entirety in connection with merger (effective 2025-09-17).
  - Change: bylaw amendment
  - Effective: 2025-09-17
  source text: on September 17, 2025, the Company’s certificate of incorporation and bylaws were each amended and restated in their entirety and became the certificate of incorporation and bylaws of the Surviving Corporation.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1888012/000119312525205570/0001193125-25-205570-index.htm
- M&A Transactions
  HilleVax, Inc. underwent a change of control involving XOMA Royalty Corporation (Parent) and its wholly-owned subsidiary XRA 4 Corp. (Merger Sub) for $1.95 in cash per Share plus one non-transferable contractual contingent value right (closed 2025-09-17).
  - Action: change of control
  - Counterparty: XOMA Royalty Corporation (Parent) and its wholly-owned subsidiary XRA 4 Corp. (Merger Sub)
  - Consideration: $1.95 in cash per Share plus one non-transferable contractual contingent value right
  - Closing: 2025-09-17
  source text: a tender offer (the “Offer”) to acquire any and all of the issued and outstanding shares of common stock, par value $0.0001 per share, of the Company (the “Shares”), for (i) $1.95 in cash per Share, payable without interest (the “Cash Amount”), plus (ii) one non-transferable contractual contingent value right (each, a “CVR”) per Share, representing the
  evidence_url: https://www.sec.gov/Archives/edgar/data/1888012/000119312525205570/0001193125-25-205570-index.htm

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