Biotech Values

[DewDiligence]

XOMA acquires TSBX for $0.34/sh +CVR—a 3% premium to yesterday’s close (excluding the CVR):

https://www.globenewswire.com/news-release/2025/06/27/3106487/7281/en/Turnstone-Biologics-Corp-Enters-into-Agreement-to-be-Acquired-by-XOMA-Royalty-Corporation-for-0-34-in-Cash-Per-Share-Plus-a-Contingent-Value-Right.html

TSBX is yet another TIL company that has flamed out, suffering a devastating clinical setback in 2024 (#msg-174922455). The buyout price (excluding the CVR) is down 97%(!) from the IPO only two years ago (#msg-172401448).

XOMA is a royalty company that does no clinical development.