08:14 AM EDT, 08/04/2025 (MT Newswires) -- Xoma Royalty ( XOMA ) said Monday it entered a deal to acquire Lava Therapeutics ( LVTX ) for between $1.16 and $1.24 per share plus a non-transferable contingent value right per share.

The contingent value right per share represents a right to receive 75% of net proceeds tied to two of Lava's partnered assets and 75% of any net proceeds from the sale or license of Lava's unpartnered programs, the company said.

Xoma said it will begin a tender offer to acquire all outstanding Lava shares by Aug. 15.

The deal is slated to close in Q4.

Lava shares were up 5.6% and Xoma shares were edging 0.7% higher in recent premarket activity.