XOMA Royalty announced an agreement to acquire Generation Bio in a cash tender offer with contingent value rights (CVRs) attached, bringing Generation Bio’s cell‑targeted lipid nanoparticle (ctLNP) delivery platform into XOMA’s royalty portfolio. The deal terms include a cash price near $4.29 per share and CVRs that could pass on proceeds from a Moderna license and other potential outsales. Generation Bio’s ctLNP technology and existing collaborations, notably with Moderna, were cited as strategic rationale for the purchase. XOMA said the acquisition expands its exposure to next‑generation nucleic acid delivery platforms and could yield milestone or royalty revenues tied to licensed programs. Boards of both companies approved the transaction; the tender offer and CVR structure will proceed subject to customary conditions.