Company: XOMAP
Filing Date: 2025-07-23
Form Type: CORRESP
Source: 0001193125-25-163561
Chunk: 1

Company: XOMA Royalty Corp
Filing Date: 2025-07-23
Form: CORRESP
Chunk 1
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Gibson, Dunn & Crutcher LLP One Embarcadero Center Suite 2600 | San Francisco, CA 94111-3715 | T: 415.393.8200 | F: 415.393.8306 | gibsondunn.com

Response: In response to the Staff’s comment, Purchaser has revised the disclosure in the Revised Tender Offer Materials to clarify that Purchaser is a Nevada corporation whose primary business is as a biotech royalty aggregator with a sizable portfolio of economic rights to future potential milestone and royalty payments associated with partnered commercial and pre-commercialtherapeutic drug candidates (see page 2 of the Schedule TO-T/A).

| 2. | Disclosure on page A-1 indicates that “Mr. Burns joined                                                                                                       
 Purchaser in August 2006.” However, based on disclosure in Item 3 of your Schedule TO, it appears that Purchaser was formed in 2011. Please revise or advise. |

Response: In response to the Staff’s comment, Purchaser has revised the disclosure in the Revised Tender Offer Materials to clarify that Purchaser was incorporated in Delaware in 1981 and redomiciled as a Bermuda-exempted company in December 1998. Effective December 31, 2011, Purchaser redomiciled from Bermuda back to Delaware. Purchaser subsequently reincorporated in Nevada on May 30, 2025 (see page 2 of the Schedule TO-T/A).

| 3. | Please disclose the information required by Item 1008(a) and (b) of Regulation M-A. |

Response:In response to the Staff’s comment, Purchaser has revised the disclosure in the Revised Tender Offer Materials to include the following information (see page 34 of the Revised Offer to Purchase): “As of July 23, 2025, neither Purchaser nor any of Purchaser’s executive officers and directors beneficially owned any Shares of Turnstone. No transactions with respect to the Shares have been effected by Purchaser, or, to Purchaser’s knowledge after making reasonable inquiry, any of the directors, executive officers or affiliates of Purchaser, during the 60 days prior to the date of this Offer to Purchaser.”

| 4. | Refer to the first bullet point under the caption “What Is the CVR and How Does It Work?” on page                                                                                                                       
 2. Please provide illustrative disclosure, in plain English, showing how the CVR Proceeds will be calculated, including how Net Cash Ex