Kinnate Biopharma To Be Acquired By XOMA In Cash Deal; Stock Gains

(RTTNews) - Kinnate Biopharma Inc. (KNTE), said on Friday that it agreed to be acquired by XOMA Corp. (XOMA) in a cash deal, valuing the company's purchase price per share between $2.3352 and $2.5879, plus an additional 85 percent of proceeds from the sale of certain Kinnate assets.

The tender offer will be initiated by March 4 by a subsidiary of XOMA, the company stated.

The transaction is expected to close in the first half of 2024, with closing conditions including a majority of Kinnate shares being tendered and availability of atleast $120 million in cash at the closing.

Currently, Kinnate's stock is moving up 11.46 percent, to $2.5302 over the previous close of $2.27 on the Nasdaq.