08:07 AM EDT, 06/27/2025 (MT Newswires) -- Xoma Royalty ( XOMA ) said Friday it has agreed to acquire Turnstone Biologics ( TSBX ) for $0.34 per share in cash plus one non-transferable contingent value right.

As part of the deal, Xoma Royalty ( XOMA ) said it will begin a tender offer by July 11 to acquire all outstanding shares.

Turnstone stockholders holding about 25.2% of outstanding shares have agreed to tender their shares and support the merger, the company said.

The deal, which has been approved by Turnstone's board, is expected to close in August, subject to completion of a tender offer and closing conditions.

Shares of Xoma Royalty ( XOMA ) and Turnstone Biologics ( TSBX ) were up 5% and 12.8%, respectively, in recent premarket activity.