SCHEDULE: HilleVax Acquired, Tang Capital Exits Stake

HilleVax, Inc. completed its merger with XOMA Royalty Corporation, resulting in the cancellation of all HilleVax common stock and Tang Capital ceasing to be a beneficial owner.

Summary

• HilleVax, Inc. completed its merger with XOMA Royalty Corporation and its wholly-owned subsidiary, XRA 4 Corp., on September 17, 2025.
• As a result of the merger, HilleVax, Inc. is now a wholly-owned subsidiary of XOMA Royalty Corporation.
• All issued and outstanding shares of HilleVax's Common Stock were cancelled on September 17, 2025.
• The Reporting Persons, including Tang Capital Management, LLC and Kevin Tang, ceased to be beneficial owners of 5% or more of HilleVax's Common Stock on September 17, 2025.
• The Reporting Persons currently hold 0% of HilleVax's Common Stock.

Sentiment

Score: 5

Explanation: The filing is a factual report of a completed merger and the cessation of beneficial ownership by the reporting persons. It does not contain subjective language or forward-looking statements that would indicate a strong positive or negative sentiment.

Positives

• The merger of HilleVax, Inc. with XOMA Royalty Corporation was successfully completed.

Negatives

• All issued and outstanding shares of HilleVax, Inc. Common Stock were cancelled.
• HilleVax, Inc. is no longer an independent publicly traded entity, becoming a wholly-owned subsidiary.

Risks

• NA

Future Outlook

HilleVax, Inc. has become a wholly-owned subsidiary of XOMA Royalty Corporation, indicating its future operations will be under the direction and strategy of its new parent company.

Industry Context

The completion of the merger signifies consolidation within the biotechnology or pharmaceutical sector, where smaller entities are often acquired by larger players for strategic assets or pipelines.

Stakeholder Impact

• Shareholders of HilleVax, Inc.: Their common stock was cancelled as part of the merger. The filing implies their investment in the independent entity has concluded.
• Tang Capital Management and related entities: Ceased to be beneficial owners of HilleVax, Inc., indicating a full exit from their investment.
• XOMA Royalty Corporation: HilleVax, Inc. is now a wholly-owned subsidiary, expanding XOMA's portfolio.

Next Steps

• HilleVax, Inc. will operate as a wholly-owned subsidiary of XOMA Royalty Corporation.

Key Dates

Keywords

HilleVax, XOMA Royalty Corporation, Merger, Acquisition, Schedule 13D/A, Tang Capital, Common Stock, Share Cancellation, Beneficial Ownership