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Xoma acquires royalty interest in 6 cancer assets of Palobiofarma for $10M

Xoma Corp. agreed to acquire a royalty interest in six cancer drugs from Palobiofarma SL for $10 million.

The medicines, which target the adenosine pathway that regulates tumor immunity, could be potential treatments for solid tumors and diseases including pulmonary disease, inflammatory bowel disease and nonalcoholic steatohepatitis.

Emeryville, Calif.-based Xoma, which will partially fund the transaction using $5 million from its credit line with Silicon Valley Bank, will receive low single-digit royalties on future sales of the therapies.

Pharmaceutical giant Novartis AG is developing one of the six drugs, NIR178, for nine cancer indications. Privately held Palobiofarma is developing the remaining five candidates.

Additionally, Palobiofarma investor Inveready invested $2 million for the development of the six drug candidates.