XOMA Corporation entered into a definitive merger agreement to acquire Kinnate Biopharma Inc. for approximately $120 million.
The transaction is subject to conditions, including: that the number of shares of Common Stock validly tendered (and not properly withdrawn) prior to the expiration of the Offer equals at least one share more than 50% of all shares of Common Stock then issued and outstanding as of the expiration of the Offer; XOMA accepted for payment all shares of Kinnate Common Stock validly tendered and not properly withdrawn pursuant to the Offer; and the Closing Net Cash shall be no less than approximately $120 million. The transaction is not subject to a financing condition. Kinnate?s Board of Directors unanimously approved the transaction. Board of Directors of XOMA also approved the transaction. The transaction is expected to close in the first half of 2024. Leerink Partners is acting as lead financial advisor and fairness opinion provider and Tony Jeffries, Robert T. Ishii and Brendan Ripley Mahan of Wilson Sonsini Goodrich & Rosati is acting as legal counsel to Kinnate. Lazard is also acting as a financial advisor to Kinnate. Ryan A. Murr and Robert Phillips of Gibson, Dunn & Crutcher LLP acted as legal advisor to XOMA. The Depository Trust Company is acting as depository bank for Kinnate.