XOMA Announces Calculation of Additional Price Per Share and Extension of Expiration Date for Tender Offer for Kinnate Biopharma Inc.
EMERYVILLE, Calif., March 19, 2024 (GLOBE NEWSWIRE) — As previously announced on February 16, 2024, XOMA Corporation (“XOMA” or the “Company”; Nasdaq:XOMA) entered into a merger agreement to acquire Kinnate Biopharma Inc. (“Kinnate”; Nasdaq:KNTE) for (i) a base cash price per share of Kinnate common stock of $2.3352 per share and (ii) an additional cash amount of not more than $0.2527 per share (together with the base price, the Cash Amount), plus one non-tradeable contingent value right (“CVR”) representing the right to receive 85% of the net proceeds from any out license or sale of Kinnate programs effected within one year of closing of the merger and 100% of the net proceeds from any out license or sale executed prior to the closing. On March 4, 2024, XOMA commenced a tender offer to acquire all outstanding shares of Kinnate common stock (“the Offer”).