Biotech royalty aggregator XOMA Corporation said on Tuesday that its Board of Directors had authorized XOMA’s first stock repurchase program, under which the company will be able to buy back up to $50 million of its own common stock through January 2027.
Under the repurchase program, XOMA’s management will discretely determine the conditions under which shares may be purchased from time to time – via transactions in the open market, in privately negotiated transactions, or by other means in line with applicable laws.
The number, price, structure and timing of the repurchases will be at the company’s sole discretion and will be evaluated by XOMA in dependence on market conditions.
“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,” Owen Hughes, Executive Chairman of XOMA, said in a press release.
“Levering the future cash flow 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.”
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