M&A
confidence high
sentiment neutral
materiality 0.65
XOMA Royalty Corp (XOMA): M&A transaction — XOMA completes acquisition of LAVA legacy assets; details Pfizer, Janssen programs and CVR terms
XOMA Royalty Corp
- XOMA completed acquisition of LAVA legacy assets (EGFRd2, JNJ-89853413, LAVA-1266) on Nov 20, 2025.
- EGFRd2 (PF-8046052) outlicensed to Pfizer; potential milestones up to ~$650M; Phase 1 trial expected to complete 2029/2030.
- JNJ-89853413 outlicensed to Janssen; potential milestones up to ~$195M; Phase 1 started Jan 2025, expected completion Aug 2028.
- CVRs issued for 75% of net proceeds from future asset sales; XOMA valued CVRs at $0.00 due to early-stage uncertainty.
- XOMA will use commercially reasonable efforts for 2 years to sell or license the legacy assets for CVR holders.