XOMAP - XOMA Announces Stock Repurchase Program of up to $50 Million | Benzinga
EMERYVILLE, Calif., Jan. 02, 2024 (GLOBE NEWSWIRE) -- XOMA Corporation (NASDAQ:XOMA), the biotech royalty aggregator, today announced its Board of Directors has authorized XOMA's first stock repurchase program, which permits the Company to purchase up to $50 million of XOMA's common stock through January 2027.
"Upon arriving at XOMA, Brad Sitko, our Chief Investment Officer and I made it very clear that we intended to be active participants in our capital structure as we look to maximize shareholder value through prudent capital allocation," stated Owen Hughes, Executive Chairman of XOMA. "Levering the future cashflow streams of our growing royalty portfolio by reducing our shares outstanding is one of several allocation strategies we plan to utilize to generate superior risk-adjusted, non-correlated returns for our investors."
Under the program, management has discretion in determining the conditions under which shares may be purchased from time to time, including through transactions in the open market, in privately negotiated transactions, or by other means in accordance with applicable laws. The number, price, structure, and timing of the repurchases, if any, will be at XOMA's sole discretion and repurchases will be evaluated by XOMA depending on market conditions, royalty and milestone acquisition opportunities, and other factors. The repurchase authorization does not oblige XOMA to acquire any particular amount of its common stock. The Board of Directors may suspend, modify, or terminate the stock repurchase program at any time without prior notice.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation, or sale in ...