XOMA-backed XenoTherapeutics to acquire ESSA Pharma.

XOMA-backed XenoTherapeutics, a not-for-profit research organization that focuses on delivering new biotherapies to restore people's quality of life, agreed to acquire ESSA Pharma, a clinical-stage pharmaceutical company. Financial terms were not disclosed. "After conducting a comprehensive review of the opportunities available to ESSA and considering the communications received from our shareholders, the ESSA Board of Directors has unanimously concluded that entering into this agreement with Xeno and XOMA Royalty is in the best interest of the Company and maximizes value for our shareholders as the Company proceeds with its plans to discontinue operations and wind-down its business. This Transaction delivers cash value to shareholders in an expedited timeframe, with less complexity and value risk when compared to a liquidation, and thus delivers more certain value to shareholders," David Parkinson, ESSA, President and CEO.