Form 4: Mural Oncology Acquired for $2.035/Share; Options Cancelled

Mural Oncology plc has been acquired by XRA 5 Corp. for $2.035 per share, resulting in the cancellation of certain stock options without consideration.

Summary

• Mural Oncology plc was acquired by XRA 5 Corp., a wholly-owned subsidiary of XOMA Royalty Corporation, as of December 5, 2025.
• The acquisition was completed for a cash purchase price of $2.035 per share.
• Stock options to purchase ordinary shares of Mural Oncology plc with an exercise price equal to or greater than the $2.035 Scheme Consideration were cancelled and ceased to be outstanding.
• No consideration was delivered in exchange for the cancelled options.

Sentiment

Score: 5

Explanation: The sentiment is neutral to slightly negative. While shareholders received cash for their shares, which is a positive outcome for them, the cancellation of stock options without consideration for option holders represents a negative impact for that specific stakeholder group.

Positives

• Shareholders of Mural Oncology plc received a cash purchase price of $2.035 per share for their equity securities.

Negatives

• Stock options with an exercise price of $2.56 and $3.38 per share were cancelled without any consideration, resulting in a loss of value for the holders of these options.

Risks

• Holders of stock options with an exercise price equal to or greater than the $2.035 acquisition price faced the cancellation of their options without receiving any compensation.

Future Outlook

Mural Oncology plc has been acquired and is now a wholly-owned subsidiary of XOMA Royalty Corporation, implying its independent public future outlook is concluded.

Industry Context

This acquisition represents a consolidation event within the biotechnology or pharmaceutical sector, specifically involving a company focused on oncology. Such transactions are common as larger entities seek to integrate promising assets or technologies.

Comparison to Industry Standards

• The acquisition price of $2.035 per share provides a specific valuation for Mural Oncology plc at the time of the transaction, which can be compared to recent M&A multiples for similar-sized oncology-focused companies.
• The cancellation of out-of-the-money options without consideration is a standard practice in M&A transactions where the acquisition price does not exceed the option's exercise price, aligning with typical industry deal structures.

Stakeholder Impact

• Shareholders: Received a cash payment of $2.035 per share for their equity.
• Option Holders (e.g., George Golumbeski): Options with exercise prices above the acquisition price were cancelled without consideration, resulting in a loss of potential value.

Next Steps

• The acquisition of Mural Oncology plc by XRA 5 Corp. has been completed, concluding the transaction.

Key Dates

Keywords

Mural Oncology, MURA, Acquisition, Merger, XOMA Royalty Corporation, XRA 5 Corp., Stock Options, Beneficial Ownership, SEC Form 4, Corporate Action