M&A · Healthcare · Pharmaceutical Preparations
XOMA Royalty Corp to acquire Generation Bio Co.
Announced Dec 15, 2025 · Closed Feb 9, 2026
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationNot disclosed
Transaction
- Acquirer
- XOMA Royalty Corp
- Target
- Generation Bio Co. (GBIO)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Feb 9, 2026
Deal protections
- Break fee (target pays)
- $0.8M
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- TD Cowen
- TD Cowen fee
- $1.6M
Sector context · Healthcare
- Comparable deals
- 97 in the prior 24 months
- Premium
- Sector median 60.5%
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- Sector median 3.3%
Timeline
- AnnouncedDec 15, 2025
- Tender offerJan 9, 2026
- ClosedFeb 9, 2026
Valuation · fairness opinions
Liquidation$5.05$5.85
Discounted cash flow$4.95$6.35
Discounted cash flow$5.70$8.75
Discounted cash flow$5.55$40.20
Implied value per Generation Bio Co. share by analysis, from TD Cowen · DCF discount rate 6.6%–24.5%.