M&A · Healthcare · Biological Products, (No Diagnostic Substances)
XOMA Royalty Corp to acquire HilleVax, Inc.
Announced Aug 4, 2025 · Closed Sep 17, 2025
Deal value$98MEV $76M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$1.95 per share
Transaction
- Acquirer
- XOMA Royalty Corp (XOMA)
- Target
- HilleVax, Inc. (HLVX)
- Buyer type
- Strategic
- Offer price per share
- $1.95
- Enterprise value
- $76M
- Status
- Closed Sep 17, 2025
Deal protections
- Break fee (target pays)
- $2.5M · 2.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Leerink Partners
Sector context · Healthcare
- Comparable deals
- 96 in the prior 24 months
- Premium
- Sector median 67.0%
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 2.5% vs. 3.4% sector median
Timeline
- AnnouncedAug 4, 2025
- Tender offerAug 18, 2025
- ClosedSep 17, 2025