XOMA Royalty Corp. (XOMA) entered a merger agreement on June 27, 2025, to acquire Turnstone Biologics Corp. (TSBX) in a deal valued at $7.92 million.
Under the terms of the agreement, XOMA Royalty will acquire Turnstone for $0.34 in cash per share of Turnstone common stock plus one non-transferable contingent value right (CVR). The cash consideration of $0.34 represents a premium of 3.03% from the stock’s last close.
Turnstone Biologics is a clinical-stage biotechnology company developing innovative tumor-infiltrating lymphocyte (TIL) therapies to treat and potentially cure patients with solid tumors.
XOMA Royalty is a biotechnology royalty aggregator that acquires future economic rights to pre-commercial and commercial therapeutic candidates, providing non-dilutive funding to biotech companies.
XOMA Royalty will commence a tender offer by July 11, 2025, to acquire all outstanding shares of Turnstone common stock.
The deal is expected to close in August 2025.
Leerink Partners is serving as the exclusive financial advisor to Turnstone, with Cooley providing legal counsel. Gibson, Dunn & Crutcher is serving as legal counsel to XOMA Royalty.
For more details about this merger and acquisition transaction, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of Turnstone Biologics Corp. (TSBX) by XOMA Royalty Corp. (XOMA)
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Editor’s Note: Baranjot Kaur contributed to this article