XOMA completes Generation Bio acquisition; estimates CVR value at $0.81/share

XOMA Royalty Corp

XOMA paid $4.2913 per share cash plus one non-tradeable CVR for Generation Bio; ~70% of shares tendered.
CVR estimated at $0.81 per share, mainly from net cash above $29M; no value assigned to legacy assets.
Acquired ~$98M in Section 174 tax deductions and legacy LNP assets; no plans for preclinical development.
Moderna deal has up to ~$1.8B in milestones; next $7.5M milestone not expected within 12 months.
XOMA will use commercially reasonable efforts for 2 years to monetize legacy IP for CVR holders.

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