Xoma Royalty Expands Portfolio Through Mural Oncology Acquisition

Xoma Royalty Corporation has successfully finalized a key strategic acquisition, taking ownership of Mural Oncology plc. This move significantly enhances the biotechnology royalty aggregator's asset base and represents a pivotal development in its ongoing expansion plan.

The acquisition became effective on December 5, 2025, following a court-sanctioned scheme of arrangement in Ireland. Shareholder approval was a critical step, with Mural Oncology equity holders voting overwhelmingly in favor of the deal on October 24, 2025. The resounding 99.20% approval rate was followed by the Irish High Court's formal sanction of the arrangement on December 3.

Under the terms of the agreement, Mural Oncology shareholders are receiving a cash consideration of $2.035 per share. The distribution of these funds is scheduled for completion by December 19, 2025. Consequently, Mural Oncology shares have ceased trading on the Nasdaq exchange, and the company will be delisted and deregistered in short order.

Should investors sell immediately? Or is it worth buying Xoma?

• Effective Date: December 5, 2025
• Consideration per Share: $2.035 in cash
• Shareholder Approval Rate: 99.20% (October 24, 2025)
• Court Sanction Date: December 3, 2025

Strengthening the Royalty Business Model

This acquisition is a clear execution of Xoma's core strategy as an aggregator of biotech royalty and economic rights. The company's focus is on securing future revenue streams from milestone and licensing payments associated with therapeutic programs developed and commercialized by other pharmaceutical and biotechnology firms. Integrating the assets from Mural Oncology is designed to further build out these predictable cash flows.

The deal with Mural Oncology is part of a series of strategic moves by Xoma. The company recently completed the acquisition of LAVA Therapeutics N.V. in November 2025. Financially, Xoma reported strong cash generation in the first nine months of 2025, with partnership-derived revenue reaching $43.9 million. This total included $30.3 million sourced specifically from license fees and commercial payments.