Mural Oncology plc (NASDAQ: MURA) will receive $2.035 in cash for each outstanding share when the acquisition by XOMA Royalty Corporation closes in early December 2025. The payment represents the final cash consideration agreed in the definitive agreement signed on August 20 2025 and follows the earlier announcement that XOMA’s wholly‑owned subsidiary, XRA 5 Corp., would acquire all of Mural’s issued and to‑be‑issued share capital under an Irish high‑court sanctioned scheme of arrangement.
The $2.035 per‑share amount reflects the agreed valuation of Mural’s remaining equity after the determination of the additional price per share, which was set at $0.000. This means shareholders will receive only the base cash consideration, with no extra premium tied to Mural’s closing net cash. The transaction is structured as a share‑for‑cash deal and is subject to the satisfaction of closing conditions and court approval, but both parties have indicated that the deal is on track for an early‑December close.
Mural’s decision to sell came after the discontinuation of its lead immunotherapy candidate, Nemvaleukin alfa, on April 15 2025. The failure of Phase 2 and Phase 3 trials prompted a strategic review that included a 90 % workforce reduction and a search for a buyer. The acquisition by XOMA, a royalty aggregator that builds portfolios of healthcare assets, provides a definitive cash exit for shareholders and concludes the restructuring effort that began after the clinical setback.
XOMA’s rationale for the purchase aligns with its strategy of acquiring revenue interests in high‑potential healthcare companies. By adding Mural to its portfolio, XOMA gains exposure to a clinical‑stage oncology pipeline and the potential upside of future licensing or royalty agreements, while Mural’s shareholders receive a premium over the company’s pre‑announcement market value of approximately $36.4 million.
The announcement was well received by investors, who noted the premium offered and the certainty of a cash exit. Analysts highlighted that the transaction provides a clean resolution to Mural’s strategic review and preserves value for shareholders after the company’s clinical setbacks.
The deal underscores the importance of strategic flexibility for clinical‑stage companies facing trial failures and illustrates how royalty aggregators can create value by acquiring assets that may generate future revenue streams.
The transaction also signals to the market that XOMA is actively expanding its portfolio in oncology, potentially positioning it for future licensing opportunities as Mural’s pipeline progresses.
The final cash consideration and the structure of the deal provide clarity to Mural shareholders and set a precedent for how companies can exit after significant clinical setbacks.
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