M&A Deal Summary

XOMA Royalty Acquires Mural Oncology

On August 20, 2025, XOMA Royalty acquired life science company Mural Oncology for 36M USD

Acquisition Highlights
  • This is XOMA Royalty’s 5th transaction in the Life Science sector.
  • This is XOMA Royalty’s largest (disclosed) transaction.
  • This is XOMA Royalty’s 3rd transaction in the United States.
  • This is XOMA Royalty’s 2nd transaction in Massachusetts.

M&A Deal Summary

Date 2025-08-20
Target Mural Oncology
Sector Life Science
Buyer(s) XOMA Royalty
Deal Type Add-on Acquisition
Deal Value 36M USD
Advisor(s) Lucid Capital Markets (Financial)
Wilmer Cutler Pickering Hale and Dorr (Legal)

Target

Mural Oncology

Waltham, Massachusetts, United States
Mural Oncology is a biotechnology company focused on using its protein engineering platform to develop cytokine-based immunotherapies for the treatment of cancer with the goal of delivering meaningful and clinical benefits to people living with cancer. Mural Oncology is based in Waltham, Massachusetts.

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Buyer(S) 1

Buyer

XOMA Royalty

Emeryville, California, United States

Category Company
Sector Life Science
Employees13
Revenue 10M USD (2024)
DESCRIPTION

XOMA Royalty is a biotechnology royalty aggregator playing a distinctive role in helping biotech companies achieve their goal of improving human health. XOMA Royalty is based in Emeryville, California.


DEAL STATS #
Overall 5 of 5
Sector: Life Science M&A 5 of 5
Type: Add-on Acquisition M&A Deals 5 of 5
State: Massachusetts M&A 2 of 2
Country: United States M&A 3 of 3
Year: 2025 M&A 4 of 4
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-08-04 Lava Therapeutics

Utrecht, Netherlands

Lava Therapeutics focused on applying its expertise in gamma-delta T cell engagers (TCEs) to transform cancer therapy. The company's platform generates therapeutics that specifically activate a unique and relatively abundant effector gamma-delta T cell subset called Vγ9Vδ2 (Vgamma9-Vdelta2) T cells that have the ability to trigger the activity of immune cells of both the innate and adaptive immune system. Its gamma-delta bsTCEs have demonstrated superior efficacy and safety profiles compared to other bsTCE approaches in preclinical studies and show preferential activity against tumor cells thereby potentially limiting toxicity in healthy tissue. Lava Therapeutics was founded in 2016 and is based in Utrecht, Netherlands.

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