M&A Deal Summary

XOMA Royalty Acquires Turnstone Biologics

On June 27, 2025, XOMA Royalty acquired life science company Turnstone Biologics from Eight Roads

Acquisition Highlights
  • This is XOMA Royalty’s 2nd transaction in the Life Science sector.
  • This is XOMA Royalty’s 1st transaction in Canada.
  • This is XOMA Royalty’s 1st transaction in Ontario.

M&A Deal Summary

Date 2025-06-27
Target Turnstone Biologics
Sector Life Science
Buyer(s) XOMA Royalty
Sellers(s) Eight Roads
Deal Type Add-on Acquisition
Advisor(s) Leerink Partners (Financial)
Cooley (Legal)

Target

Turnstone Biologics

Ottawa, Ontario, Canada
Turnstone Biologics is a clinical-stage biotech company, is developing breakthrough cancer immunotherapies by advancing two leading and complementary platforms that drive innate and adaptive tumor immunity, to provide benefit to the millions of cancer patients underserved by current treatment options. Turnstone Biologics was founded in 2015 and is based in Ottawa, Ontario.

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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 2 of 5
Sector: Life Science M&A 2 of 5
Type: Add-on Acquisition M&A Deals 2 of 5
State: Ontario M&A 1 of 1
Country: Canada M&A 1 of 1
Year: 2025 M&A 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-02 Pulmokine

Rensselaer, New York, United States

Pulmokine specializes in developing treatments for pulmonary arterial hypertension (PAH) and other pulmonary diseases. Pulmokine is based in Rensselaer, New York.

Buy $20M
FOLLOWING 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.

Buy -

Seller(S) 1

SELLER

Eight Roads

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1969
PE ASSETS 11.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Eight Roads is a private investment firm focused on a variety of investment opportunities across the US, Europe, and Asia. The Firm is divided into several investment strategies including venture, principal investing, and real estate. Within the principal investments group, Eight Roads backs established growth businesses with long-term capital. Eight Roads does not have any sector preferences, but has experience in fintech, business services, and healthcare. Eight Roads is based in London.


DEAL STATS #
Overall 122 of 124
Sector: Life Science M&A 51 of 51
Type: Add-on Acquisition M&A Deals 58 of 59
State: Ontario M&A 1 of 1
Country: Canada M&A 1 of 1
Year: 2025 M&A 7 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-06-19 7bridges

London, United Kingdom

7bridges provides an AI powered supply chain management solution with the mission of making it easy for customers to overcome the challenge of data to connect supply to demand and implement world-class logistics. 7bridges was founded in 2016 and is based in London, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-06-30 MoEngage

San Francisco, California, United States

MoEngage is an intelligent customer analytics and cross-channel engagement platform that enables hyper-personalization at scale across multiple channels like mobile push, email, in-app, web push, On-site messages, and SMS. MoEngage was founded in 2014 and is based in San Francisco, California.

Sell -