XOMA Royalty Expands Genetic Medicine Portfolio with Acquisition of Generation Bio and its Advanced ctLNP Delivery Platform

EMERYVILLE, Calif. and CAMBRIDGE, Mass. – December 15, 2025 — XOMA Royalty Corporation announced a definitive agreement to acquire Generation Bio, incorporating its advanced cell-targeted delivery technologies into XOMA’s royalty portfolio. The acquisition centers on the cell-targeted lipid nanoparticle (ctLNP) platform, a system designed to deliver siRNA and other nucleic acid therapies with high precision to specific tissues.

Under the agreement, Generation Bio stockholders will receive $4.2913 per share in cash plus a Contingent Value Right (CVR). This CVR entitles holders to potential future payments from the company’s existing collaboration with Moderna and proceeds from future licenses of the ctLNP technology.

Advancing Precision Delivery for Genetic Medicines

The acquisition provides XOMA Royalty with a strategic stake in the next generation of non-viral therapeutics. Generation Bio’s ctLNP technology represents a breakthrough in the delivery of genomic medicines, offering a redosable method for treating autoimmune and chronic diseases.

• Moderna Partnership: The merger secures potential long-term revenue from Moderna’s use of the platform to develop novel therapeutics.

• Targeted siRNA Delivery: The ctLNP system is engineered to deliver siRNA payloads selectively, enabling the functional modulation of T cells in vivo while reducing off-target effects.

• Non-Viral Platform: By utilizing a lipid-based framework, the platform avoids the immune limitations of viral delivery, allowing for flexible and repeated administration of genetic treatments.

The transaction received unanimous approval from the Generation Bio board and is expected to close in February 2026. This move reinforces XOMA’s position as a leading aggregator of high-value royalties in the genetic medicine space.