Kinnate Biopharma Inc., also known as KNTE, disclosed on Friday that it has agreed to merge with XOMA Corp., an acquisition to be settled in cash. The agreement sets the purchase price for each company share within a range of $2.3352 to $2.5879. In addition, Kinnate will receive an extra 85% from the proceeds of the sale of specific assets of the company.
XOMA's subsidiary company is scheduled to commence the tender offer by March 4, the firm confirmed.
The deal is projected to be finalized in the first half of 2024, subjected to the conditions that a majority of Kinnate's shares are tendered and a minimum of $120 million in cash is available at finalization.
In light of the recent developments, Kinnate's stock has escalated by 11.46 percent, resulting in a rise to $2.5302 from the preceding close of $2.27 on the Nasdaq.
