Kinnate Biopharma (KNTE) has released an update.
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Kinnate Biopharma Inc. has entered into a Merger Agreement with XOMA Corporation which will see XOMA acquiring all outstanding shares of Kinnate at a set base price plus additional cash and contingent value rights. The independent board committee of Kinnate unanimously approved the transaction as beneficial for shareholders, recommending they accept the offer. The merger is not subject to a financing condition and includes certain termination rights and a potential termination fee. This strategic move aims to accelerate development in cancer treatment, with XOMA eager to leverage Kinnate’s innovative product candidates, including pan-RAF inhibitors for various tumors.
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