UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 8.01. | Other Events. |
On September 28, 2022, in connection with F. Hoffman-La Roche Ltd. (“Roche”) receiving approval from the European Commission to commercialize VABYSMO® (faricimab-svoa) for the treatment of neovascular or ‘wet’ age-related macular degeneration and visual impairment due to diabetic macular edema (the “EC Approval”), XOMA Corporation (“XOMA”) made a $3.0 million milestone payment to Affitech Research AS (“Affitech”) pursuant to the terms of that certain commercial payment purchase agreement between XOMA (US) LLC, a wholly-owned subsidiary of XOMA, and Affitech dated October 6, 2021 (the “Agreement”). The Agreement was previously included as Exhibit 10.48 to our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities Exchange Commission on March 8, 2022.
Under the terms of the Agreement, we are eligible to receive a 0.5% commercial payment stream on net sales of VABYSMO in each of certain regions where it is approved, for a ten-year period following its first commercial sale in such region. VABYSMO was previously approved by the U.S. Food and Drug Administration in January 2022 and by Japan’s Ministry of Health, Labour, and Welfare in March 2022. In August 2022, we received $0.5 million from Roche representing the first commercial payment for sales of VABYSMO in the U.S. and Japan. The payment will be recorded on our condensed consolidated balance sheet as of September 30, 2022, as a reduction of long-term royalty and commercial payment receivables. As a result of the EC Approval, we will be eligible to receive a 0.5% commercial payment stream for ten years from the first commercial sale of VABYSMO in Europe.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| XOMA CORPORATION | ||||||
| Date: September 29, 2022 | By: | /s/ THOMAS BURNS | ||||
| Thomas Burns | ||||||
| Senior Vice President, Finance and Chief Financial Officer | ||||||