Company: XOMAP
Filing Date: 2025-07-23
Form Type: CORRESP
Source: 0001193125-25-163561
Chunk: 0

Company: XOMA Royalty Corp
Filing Date: 2025-07-23
Form: CORRESP
Chunk 0
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| Branden Berns Partner                    
 T: +1 415.393.4631 BBerns@gibsondunn.com |

July 23, 2025 VIA ELECTRONIC MAIL AND EDGAR FILING United States Securities and Exchange Commission Division of Corporation Finance Office of Mergers and Acquisitions 100 F Street NE Washington, D.C. 20549 Attention: Mr. Blake Grady XOMA Royalty Corporation Turnstone Biologics Corp. Schedule TO-TFiled July 11, 2025 Filed by XOMA Royalty Corporation File No. 005-94123 Dear Mr. Grady: On behalf of XOMA Royalty Corporation (the “ Purchaser”), please find responses to comments received from the Staff of the Division of Corporation Finance (the “ Staff”) of the Securities and Exchange Commission (the “ Commission”) by letter dated July 18, 2025 (“ Letter”), with respect to the Purchaser’s Schedule TO-Tfiled on July 11, 2025 (the “ Schedule TO”) and the Offer to Purchase, dated July 11, 2025 (the “ Offer to Purchase” and, together with the Schedule TO, the “ Tender Offer Materials”). Concurrently with delivery of this letter, the Purchaser filed updated Tender Offer Materials (the “ Revised Tender Offer Materials”), including a Schedule TO-T/Aand revised Offer to Purchase (the “ Revised Offer to Purchase”), which reflect, among other things, revisions to address the Staff’s comments. For your convenience, we have restated below in bold each comment from the Letter and supplied our responses immediately thereafter. Unless otherwise specified, all references to page numbers and captions correspond to the Offer to Purchase and all capitalized terms used but not defined herein have the same meaning as in the Tender Offer Materials. General

| 1. | We note that the principal business of Purchaser, as described on page                                                                                                                                                       
 A-1, is solely “to consummate the Offer and effect the Merger pursuant to the Merger Agreement, and to perform its obligations under the CVR Agreement.” However, your Schedule TO states that the                           
 principal business of Purchaser is “to engage in any lawful act or activity for which corporations may be organized under the Nevada Revised Statutes,” and Purchaser’s website states that “XOMA is a biotechnology royalty 
 aggregator … with more than 70 assets.” Please revise to address these apparent discrepancies. Refer to Item 1003(b) of Regulation M-A.