XOMA Royalty announced an agreement to acquire Generation Bio in a cash tender offer around $4.29 per share and to provide contingent value rights that capture potential upside from Generation Bio’s existing Moderna license and other asset monetization. The deal folds Generation Bio’s cell‑targeted lipid nanoparticle (ctLNP) delivery platform into XOMA’s royalty portfolio. Transaction terms include a CVR that entitles former Generation Bio shareholders to a share of certain cash recoveries, lease savings and potential milestone and royalty proceeds from Generation Bio’s collaboration with Moderna. Generation Bio’s board unanimously approved the merger following a strategic review and de‑risking assessment. The acquisition reflects a consolidation play where a royalty aggregator purchases platform technology and potential milestone streams rather than operating an independent R&D pathway. Parties will now advance tender timelines and regulatory clearances to close the offer.