XOMA Royalty announced a takeover of Generation Bio in a cash tender offer valuing shares at $4.29 each, a move that brings Generation Bio’s cell‑targeted lipid nanoparticle (ctLNP) delivery platform into XOMA’s royalty portfolio. The transaction includes contingent value rights that channel potential Moderna‑related milestones and lease savings back to Generation Bio shareholders. The deal reframes XOMA from a pure aggregator to an active owner of delivery IP tied to Moderna collaborations, aiming to capture milestone upside without directly running discovery programs. Market participants will watch how XOMA monetizes the ctLNP assets and the timing of any downstream licensing or partnering events.