XOMA Royalty Corporation announced that its wholly‑owned subsidiary, XRA 5 Corp., will acquire all issued and to‑be issued shares of Mural Oncology plc for an all‑cash transaction valued at approximately $36.2 million. The deal includes a base cash price of $2.035 per share, representing a 13.1% premium to Mural’s closing price on August 19 2025, and a contingent additional payment of up to $0.205 per share that was later determined to be $0.000, so shareholders will receive the base price.
The High Court of Ireland sanctioned the scheme of arrangement on December 3 2025, and the transaction will become effective upon delivery of the court order to the Irish Registrar of Companies on December 5 2025. Mural’s shares will cease trading on the Nasdaq Global Market on December 4 2025, with delisting effective at 8:00 p.m. U.S. Eastern Time that day.
Mural’s pipeline, which had been the focus of the company’s strategic review, includes the IL‑2 variant nemvaleukin alfa, the IL‑18 program MURA‑8518, and the IL‑12 program MURA‑7012. The company had planned an IND submission for MURA‑8518 in Q4 2025, but recent clinical setbacks—including failures in Phase 2 melanoma and Phase 3 platinum‑resistant ovarian cancer trials—prompted a reduction in staff and a search for strategic alternatives. The acquisition provides a timely exit for shareholders and allows XOMA to add these assets to its royalty‑aggregation portfolio.
XOMA’s CEO, Owen Hughes, said the deal “expands our oncology footprint and gives us access to a portfolio of investigational therapeutics that align with our long‑term growth strategy.” Mural’s CEO, Caroline Loew, noted that the transaction “results from a strategic review aimed at maximizing shareholder value in light of recent clinical challenges.”
The transaction is structured as a full share‑purchase, with XRA 5 Corp. providing the agreed cash consideration to Mural shareholders. The deal is expected to close by the end of December 2025, after which proceeds will be distributed to Mural shareholders immediately. The acquisition underscores XOMA’s continued focus on acquiring late‑stage and clinical‑stage biotech assets, following recent purchases of HilleVax and Turnstone Biologics.
The deal reflects a broader trend in the biotechnology sector, where companies facing clinical setbacks monetize royalty streams or licensing agreements to manage risk and secure capital. For XOMA, the addition of Mural’s assets strengthens its oncology portfolio and diversifies its revenue base, positioning the company for future growth in a high‑margin therapeutic area.
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