Exhibit 99.1
XOMA Announces Stock Repurchase Program of up to $50 Million
Balanced capital allocation strategy looks to return capital to shareholders while continuing to invest in royalty and milestone acquisitions that will drive total shareholder return
EMERYVILLE, Calif., January 2, 2024 (GLOBE NEWSWIRE) – XOMA Corporation (Nasdaq: XOMA), the biotech royalty aggregator, today announced its Board of Directors has authorized XOMA’s first stock repurchase program, which permits the Company to purchase up to $50 million of XOMA’s common stock through January 2027.
“Upon arriving at XOMA, Brad Sitko, our Chief Investment Officer and I made it very clear that we intended to be active participants in our capital structure as we look to maximize shareholder value through prudent capital allocation,” stated Owen Hughes, Executive Chairman of XOMA. “Levering the future cashflow streams of our growing royalty portfolio by reducing our shares outstanding is one of several allocation strategies we plan to utilize to generate superior risk-adjusted, non-correlated returns for our investors.”
Under the program, management has discretion in determining the conditions under which shares may be purchased from time to time, including through transactions in the open market, in privately negotiated transactions, or by other means in accordance with applicable laws. The number, price, structure, and timing of the repurchases, if any, will be at XOMA’s sole discretion and repurchases will be evaluated by XOMA depending on market conditions, royalty and milestone acquisition opportunities, and other factors. The repurchase authorization does not oblige XOMA to acquire any particular amount of its common stock. The Board of Directors may suspend, modify, or terminate the stock repurchase program at any time without prior notice.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful.
About XOMA Corporation
XOMA is a biotechnology royalty aggregator playing a distinctive role in helping biotech companies achieve their goal of improving human health. XOMA acquires the potential future economics associated with pre-commercial and commercial therapeutic candidates that have been licensed to pharmaceutical or biotechnology companies. When XOMA acquires the future economics, the seller receives non-dilutive, non-recourse funding they can use to advance their internal drug candidate(s) or for general corporate purposes. The Company has an extensive and growing portfolio with more than 70 assets (asset defined as the right to receive potential future economics associated with the advancement of an underlying therapeutic candidate). For more information about the Company and its portfolio, please visit www.xoma.com.
