M&A · Healthcare · Biological Products, (No Diagnostic Substances)
XOMA Royalty Corp to acquire Turnstone Biologics Corp.
Announced Jun 27, 2025 · Closed Aug 11, 2025
Deal value$3MEV $3M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$0.34 per share
Transaction
- Acquirer
- XOMA Royalty Corp (XOMA)
- Target
- Turnstone Biologics Corp. (TSBX)
- Buyer type
- Strategic
- Offer price per share
- $0.34
- Enterprise value
- $3M
- Status
- Closed Aug 11, 2025
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Leerink Partners
Sector context · Healthcare
- Comparable deals
- 90 in the prior 24 months
- Premium
- Sector median 67.0%
- EV / Adj. EBITDA
- Sector median 13.8x
- Break fee
- Sector median 3.5%
Timeline
- AnnouncedJun 27, 2025
- Tender offerJul 11, 2025
- ClosedAug 11, 2025