XOMA Royalty announced a planned acquisition of Generation Bio, offering roughly $4.29 per share and contingent value rights tied to cash and milestone streams from Generation Bio’s collaborations, notably its partnership with Moderna. The deal folds Generation Bio’s cell‑targeted lipid nanoparticle (ctLNP) delivery platform into XOMA’s royalty portfolio. XOMA framed the acquisition as a strategic royalty play to capture potential future milestones and sublicense value from nucleic‑acid delivery technology.