Turnstone Biologics entered into agreement to be acquired by XOMA

The DriverMap scAIR product line includes eight separate kits. Each kit delivers chain-pairing information from T-cell receptor (TCR) or B-cell receptor (BCR) profiling of human, mouse, or hybrid human-mouse samples. Two specialized human scAIR profiling kits also provide immunophenotyping data based on the expression of well-characterized T-cell or B-cell marker genes. These novel scAIR assays enable characterization of full-length TCR α/β and BCR heavy/light chain sequences, which is useful for a variety of applications, including biomarker, epitope, immunotherapy, and neo-antigen discovery. The assays employ a straightforward multiplex PCR-based procedure with indexed primers that are used to identify TCR α/β and BCR heavy/light chain pairs from individual flow-sorted cells, or to provide chain-pair sequences for the more prevalent receptors from populations of thousands of cells. Optimized for use on Illumina next-generation sequencing (NGS) platforms, the DriverMap scAIR kits integrate seamlessly into standard laboratory workflows. These kits generate NGS-ready libraries with proprietary validator barcodes, which are helpful for quantitation, without relying on droplet microfluidics or partition-based barcoding protocols.

DEALS AND FINANCING 

Turnstone entered into agreement to be acquired by XOMA Royalty Corporation for $0.34 per share

XOMA and Turnstone Biologics entered into a definitive merger agreement, whereby XOMA will acquire Turnstone for $0.34 in cash per share of Turnstone common stock plus one non-transferable CVR. Following a thorough review process conducted with the assistance of its legal and financial advisors, the Turnstone Board of Directors has unanimously determined that the acquisition by XOMA Royalty is in the best interests of all Turnstone stockholders and has approved the Merger Agreement and related transactions. Pursuant and subject to the terms of the Merger Agreement, XOMA will commence a tender offer by July 11, 2025, to acquire all outstanding shares of Turnstone common stock. The closing of the Offer is subject to certain conditions, including the tender of Turnstone common stock representing at least a majority of the total number of outstanding shares, a minimum cash balance at closing, and other customary closing conditions. Immediately following the closing of the tender offer, Turnstone will be acquired by XOMA Royalty, and all remaining shares not tendered in the offer, other than shares validly subject to appraisal, will be converted into the right to receive the same cash and CVR consideration per share as is provided in the tender offer. Turnstone stockholders holding 25.2% of Turnstone common stock have signed support agreements under which such stockholders have agreed to tender their shares in the Offer and support the merger transaction. The merger transaction is expected to close in August 2025.