Kinnate Biopharma rises as co to be acquired by XOMA Corp

Kinnate Biopharma

16/02/2024 15:27

** Shares of drug developer Kinnate Biopharma  KNTE.O  rise
11.9% to $2.5 
    ** Co enters into merger agreement to be acquired by biotech
co Xoma Corp  XOMA.O  
    ** Shares of XOMA down 3.1% at $21.50
    ** XOMA to acquire co for ~$2.34 per share in cash and
additional cash of up to 25 cents per share
    ** Under the deal, KNTE's shareholders also eligible to
receive a contingent value right of 85% of the net proceeds from
any out-licensing or sale of KNTE's drug candidates completed
within one year of closing of the deal
     ** Deal is expected to close in April
    ** On closing of deal, KNTE will merge with a unit of XOMA 
    ** Including session's gain, KNTE fell 63.5% in last 12
months 
    

 (Reporting by Sneha  S K)
 ((Sneha.SK@thomsonreuters.com;))