XOMA Royalty To Acquire Turnstone Biologics For $0.34 Per Share Plus CVR In August-Targeted Merger Deal

Author: Benzinga Newsdesk | June 27, 2025 07:33am

Pursuant and subject to the terms of the Merger Agreement, XOMA Royalty will commence a tender offer (the "Offer") by July 11, 2025, to acquire all outstanding shares of Turnstone common stock.  The closing of the Offer is subject to certain conditions, including the tender of Turnstone common stock representing at least a majority of the total number of outstanding shares, a minimum cash balance at closing, and other customary closing conditions.  Immediately following the closing of the tender offer, Turnstone will be acquired by XOMA Royalty, and all remaining shares not tendered in the offer, other than shares validly subject to appraisal, will be converted into the right to receive the same cash and CVR consideration per share as is provided in the tender offer.  Turnstone stockholders holding approximately 25.2% of Turnstone common stock have signed support agreements under which such stockholders have agreed to tender their shares in the Offer and support the merger transaction.  The merger transaction is expected to close in August 2025.

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