Announcement • Aug 12Turnstone Biologics Corp.(NasdaqCM:TSBX) dropped from NASDAQ Composite IndexTurnstone Biologics Corp has been dropped from the NASDAQ Composite Index.
Announcement • Aug 11XOMA Royalty Corporation (NasdaqGM:XOMA) completed the acquisition of Turnstone Biologics Corp. (NasdaqCM:TSBX).XOMA Royalty Corporation (NasdaqGM:XOMA) agreed to acquire Turnstone Biologics Corp. (NasdaqCM:TSBX) on June 27, 2025. Turnstone will be required to pay XOMA a termination fee of $350,000. If XOMA terminates the Merger Agreement due to the failure of the Closing Net Cash Condition, the Company will be required to pay to XOMA an expense reimbursement fee up to a maximum amount of $350,000. Turnstone Board of Directors has unanimously determined that the acquisition by XOMA Royalty is in the best interests of all Turnstone stockholders and has approved the transaction. The closing of the Offer is subject to certain conditions, including the tender of Turnstone common stock representing at least a majority of the total number of outstanding shares, a minimum cash balance at closing, and other customary closing conditions. Pursuant and subject to the terms of the MergerAgreement, XOMA Royalty will commence a tender offer (the "Offer") by July 11, 2025, to acquire all outstanding shares of Turnstone common stock. Immediately following the closing of the tender offer, Turnstone will be acquired by XOMA Royalty, and all remainingshares not tendered in the offer, other than shares validly subject to appraisal, will be converted into the right to receive the same cash and CVR consideration per share as is provided in the tender offer. Leerink Partners is acting as financial advisor and Divakar Gupta and Rama Padmanabhan of Cooley LLP is acting as legal counsel to Turnstone. Ryan A. Murr and Branden C. Berns of Gibson, Dunn & Crutcher LLP is acting as legal counsel to XOMA Royalty. XOMA Royalty Corporation (NasdaqGM:XOMA) completed the acquisition of Turnstone Biologics Corp. (NasdaqCM:TSBX) on August 11, 2025. As of the Expiration Date, a total of 17,192,002 shares of Turnstone common stock were validly tendered, and not validly withdrawn, representing approximately 74% of the outstanding shares of Turnstone common stock as of the Expiration Date.
Announcement • Jun 27XOMA Royalty Corporation (NasdaqGM:XOMA) agreed to acquire Turnstone Biologics Corp.XOMA Royalty Corporation (NasdaqGM:XOMA) agreed to acquire Turnstone Biologics Corp. (NasdaqCM:TSBX) on June 27, 2025. Turnstone Board of Directors has unanimously determined that the acquisition by XOMA Royalty is in the best interests of all Turnstone stockholders and has approved the transaction. The closing of the Offer is subject to certain conditions, including the tender of Turnstone common stock representing at least a majority of the total number of outstanding shares, a minimum cash balance at closing, and other customary closing conditions. Pursuant and subject to the terms of the MergerAgreement, XOMA Royalty will commence a tender offer (the "Offer") by July 11, 2025, to acquire all outstanding shares of Turnstone common stock. Immediately following the closing of the tender offer, Turnstone will be acquired by XOMA Royalty, and all remainingshares not tendered in the offer, other than shares validly subject to appraisal, will be converted into the right to receive the same cash and CVR consideration per share as is provided in the tender offer. Leerink Partners is acting as financial advisor and Cooley LLP is acting as legal counsel to Turnstone. Gibson, Dunn & Crutcher LLP is acting as legal counsel to XOMA Royalty.
