Topline Findings
- Acquisition Details: Mural Oncology to be acquired by XRA 5 Corp., a XOMA Royalty subsidiary, for $2.035 per share base price with potential additional cash of up to $0.205 per share.
- Premium for Shareholders: Deal represents a 13.1% premium over Mural’s recent share price and a 97.6% premium over pre-strategic review value, highlighting shareholder upside.
- XOMA 2025 Growth Strategy: Acquisition adds to XOMA Royalty’s series of 2025 mergers, including HilleVax and Turnstone Biologics, expanding its late-stage and clinical-stage biotech portfolio.
Mural Oncology, a clinical-stage immuno-oncology company, announced that it has entered into a definitive agreement to be acquired by XRA 5 Corp., a wholly owned subsidiary of XOMA Royalty Corporation. According to Mural, its board of directors concluded that the acquisition serves the best interests of its shareholders, with approvals also secured from the boards of XOMA Royalty and XRA 5.
What will Mural Shareholders Receive Under the Acquisition Agreement?
Under terms of the deal, Mural shareholders will receive a base cash price of $2.035 per share, with the potential for an additional payment of up to $0.205 per share depending on the company’s net cash at closing, capping the total transaction value at approximately $36.2 million.1
“The transaction agreement with XOMA Royalty announced today is the result of a thorough and wide-ranging strategic review process, conducted with the support of our legal and financial advisors,” said Caroline Loew, PhD, CEO, Mural, in a press release. “We believe that this transaction, which is supported by our Board, achieves the goal of this strategic review process, which was to maximize shareholder value.”
The offer represents a 13.1% premium over Mural’s closing price on August 19, 2025, and a 97.6% premium compared to its pre-strategic review price in April 2025. Mural’s directors, holding a small proportion of the company’s shares, restricted stock units, and options, have committed to vote in favor of the acquisition, with options above the maximum consideration set to be canceled.1
XOMA Royalty Strengthens its 2025 Acquisition Portfolio