XOMA Corp Entered Into A Merger Agreement To Acquire Kinnate Biopharma For A Base Cash Price Per Share Of $2.3352 Per Share And An Additional Cash Amount Of Not More Than $0.2527 Per Share
Portfolio Pulse from Benzinga Newsdesk
XOMA Corp has entered into a merger agreement to acquire Kinnate Biopharma for $2.3352 per share plus up to $0.2527 additional per share, totaling $2.5879 per share. The deal includes a contingent value right for net proceeds from Kinnate's programs. XOMA extended the tender offer for Kinnate's shares until April 2, 2024. The acquisition, subject to conditions including a minimum tender and availability of $120.0 million cash net, is expected to close in April 2024.
March 19, 2024 | 8:15 pm
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Kinnate Biopharma's shareholders are set to receive $2.5879 per share from the acquisition by XOMA Corp, with the deal including a contingent value right for future proceeds.
Kinnate Biopharma's acquisition by XOMA Corp at $2.5879 per share represents a direct financial benefit to its shareholders. The inclusion of a contingent value right further adds potential value, making this news highly relevant and important for KNTE investors.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
XOMA Corp's acquisition of Kinnate Biopharma could enhance its portfolio and potentially increase shareholder value through the contingent value right. The deal is expected to close in April 2024.
The acquisition of Kinnate Biopharma by XOMA Corp is significant due to the potential for enhanced portfolio diversity and the inclusion of a contingent value right, which could lead to future financial benefits. The deal's successful closure could positively impact XOMA's stock in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90